Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) was broadly stable in October 2024, at 4.5% as compared to 4.4% in September after four consecutive months of decline (Figures 1 and 2). The number of OECD countries where inflation rose year-on-year (16) was slightly greater than the number of countries where it declined (14). Cumulative headline inflation from December 2019 reached 30.2% in the OECD, with individual country rates ranging from less than 10% in Switzerland, Japan, and Costa Rica to more than 40% in Estonia, Poland, and Hungary, and almost 500% in Türkiye (Table 1). Over the same period, cumulative OECD food and energy inflation were above the headline rate, at 40.4% and 39.1% respectively.
In October, year-on-year energy inflation in the OECD increased but remained negative at minus 0.5%. Year-on-year declines in energy prices were registered in 27 OECD countries. OECD food inflation rose slightly, reaching 3.9% in October after 3.7% in September, the first increase since October 2022. Food inflation rose in 18 countries, with increases of 1.5 percentage points (p.p.) or more in the Slovak Republic, Türkiye and Mexico, while it fell in 14 other countries. OECD core inflation (inflation less food and energy) was broadly stable at 5.0%.
G7 inflation was broadly stable at 2.3% in October after 2.2% in September. Headline inflation rose by 0.4 p.p. or more in the United Kingdom, Canada, and Germany. By contrast, it declined by 0.2 p.p. in Japan as energy inflation slowed further. The lowest inflation rate in the G7 continued to be recorded in Italy, where it remained slightly below 1%. G7 energy inflation remained negative at minus 4.0%, while food and core inflation were broadly stable. Core inflation remained the main contributor to headline inflation in all G7 countries except for Japan where the combined contribution of food and energy inflation was approximately equal to that of core inflation (Figure 3).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) increased to 2.0% in October from 1.7% in September. Rising food inflation in the euro area contributed to the higher headline figure, with increases of 0.7 p.p. or more in the Slovak Republic, Estonia, Italy, Latvia and Germany. The decline in energy prices slowed, while core inflation remained stable. In November 2024, Eurostat’s flash estimate pointed to a new increase in euro area year-on-year inflation, to 2.3%, with increases of 0.5 p.p. or more in Slovenia, Italy, Spain, Belgium and the Netherlands. Decline in energy prices is estimated to have slowed further. Core inflation has remained stable.
In the G20, year-on-year inflation was broadly stable at 5.9% in October from 6.0% in September. Although declining, it was still above 190% in Argentina. Headline inflation also fell in South Africa. It rose in Brazil and Saudi Arabia and remained broadly stable in China and Indonesia (Table 2).
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