Year-on-year inflation in the OECD, as measured by the Consumer Price Index (CPI), was stable at 4.5% in November 2024 compared with October (Figures 1 and 2). At country level the picture was more mixed, with inflation rising in 14 of 38 OECD countries including notable increases of 1.7 percentage points (p.p.) in Slovenia and 1.0 p.p. in Lithuania. Meanwhile, headline inflation declined in 11 OECD countries and was stable or broadly stable in 13. Headline inflation remained highest in Türkiye at 47.1% in November, despite a decline of 1.5 p.p. compared with October, while it stood below 1.0% in Switzerland and Luxembourg and closer to 0.0% in Costa Rica.
In November, year-on-year food inflation in the OECD increased for the second consecutive month, to 4.3% after 3.9% in October. However, the number of countries where food inflation rose (16) was almost equal to the number of countries where it declined (17). OECD energy inflation also increased for the second month in a row, turning positive in November at 1.2%, with rise in 26 OECD countries. The increase in OECD food and energy inflation was offset somewhat by a marginal decline in OECD core inflation (inflation less food and energy) to 4.9% in November, from 5.0% in October.
Year-on-year inflation in the G7 area increased to 2.6% in November from 2.3% in October, with rises in Japan, Italy, the United Kingdom, and Germany. Inflation was boosted by reduced energy subsidies and accelerating food prices in Japan. Core inflation remained the main contributor to headline inflation in all G7 countries except Japan, where the combined contribution of food and energy inflation exceeded that of core inflation (Figure 3).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) exceeded monetary policy target at 2.2% in November, a 0.2 p.p. increase from October. This second consecutive rise was driven primarily by a slower decline in energy prices. Food inflation edged down while core inflation remained stable. Headline inflation rose in 9 OECD euro area countries, was stable or broadly stable in 6, and declined only in Estonia and Luxembourg. In December 2024, according to Eurostat’s flash estimate year-on-year headline inflation continued to rise in the euro area, reaching 2.4%. Year-on-year energy inflation is estimated to have stood close to zero after having been negative for four months, and core inflation to have been stable.
In the G20, year-on-year inflation declined to 5.7% in November from 6.0% in October, reaching its lowest level since June 2023. Headline inflation fell in India after three months of increases. Headline inflation continued to decline in Argentina, but remained above 160%. Inflation remained broadly stable in Brazil, Indonesia, Saudi Arabia, South Africa, and China, where it stood close to zero, at 0.2%.
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