Year-on-year inflation in the OECD, as measured by the Consumer Price Index (CPI), was stable at 4.7% in December 2024 compared with November (Figures 1 and 2). Headline inflation rose in 18 of 38 OECD countries, with the largest increases, by 0.7 percentage point (p.p.) or more, in Latvia, Costa Rica, Hungary, Lithuania, and Japan. It declined in 8 countries including Türkiye, where it fell by 2.7 p.p., while remaining stable or broadly stable in 12 countries (Table 1). OECD energy inflation increased sharply. The increase in OECD energy inflation was offset somewhat by a marginal decline in OECD core inflation (inflation less food and energy). OECD food inflation remained broadly stable.
Annual OECD inflation stood at 5.2% in 2024, 1.6 p.p. below its 2023 level. This is about 4 p.p. below its peak of 2022 but more than twice as high as in 2019 (Figure 3 and Table 2). OECD food and core inflation, at 4.6% and 5.7% respectively, were below their 2023 levels, while energy inflation amounted to 0.6% on average across OECD countries, masking large dispersion across countries.
In December 2024, year-on-year inflation in the G7 area increased for the third consecutive month to 2.8%, up from 2.6% in November. The largest increase was registered in Japan where headline inflation reached 3.6%, its highest level since January 2023, following the reduction of electricity and gas subsidies. It also rose in Germany, the only G7 country with an acceleration in core inflation, and in the United States. 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 4).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose further to 2.4% in December from 2.2% in November. Year-on-year energy inflation was close to zero after having been negative for four months, while food and core inflation remained broadly stable. In January 2025, according to Eurostat’s flash estimate year-on-year headline inflation was broadly stable in the euro area, reaching 2.5%. Core inflation was estimated to have remained stable and energy inflation to have risen.
In the G20, year-on-year inflation declined to 5.1% in December from 5.7% in November, reaching its lowest level since September 2021. Headline inflation in Argentina declined markedly in December but prices remained more than twice as high as in December 2023. Inflation remained broadly stable in Brazil, Indonesia, Saudi Arabia, South Africa, and China, where it stood close to zero, at 0.1% (Table 2).
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