Year-on-year inflation in the OECD, as measured by the Consumer Price Index (CPI), remained at 4.7% in January 2025, the same rate as in November and December 2024 (Figures 1 and 2). Among OECD countries, headline inflation rose in 15, fell in 10, and was stable or broadly stable in about one third of countries. The largest inflation increases, by 0.9 percentage point (p.p.) or more, were observed in Lithuania, Austria, the Slovak Republic, Belgium, Hungary, and Luxembourg. In the case of Austria, Belgium and Luxembourg this increase reflected a rise of more than 8 p.p. in energy inflation related to the reduction of price dampening measures (base effect in Belgium). Headline inflation in Türkiye has fallen for eight consecutive months but remained above 40% in January.
In January 2025, the three main inflation components – core (inflation less food and energy), food, and energy – showed minimal changes. Year-on-year OECD energy inflation rose slightly to 4.0% in January 2025 after 3.8% in December 2024, with a mixed picture across countries, ranging from minus 12% in Australia to almost 40% in Türkiye. OECD core inflation and OECD food inflation remained broadly stable at 4.8% and 4.4% respectively.
Year-on-year inflation in the G7 area was broadly stable at 2.9% in January 2025. Energy and core inflation were on average broadly unchanged, but food inflation increased once again modestly. Headline inflation declined in Germany after three months of increases, as food and core inflation slowed there. Food prices drove up headline inflation in the United Kingdom and Japan, which rose by 0.4 p.p. in both countries. Inflation also increased in Italy and France but remained below 2.0%, as it has done since October 2023 and August 2024 respectively. Headline inflation was broadly stable in the United States. It was also stable in Canada where core inflation, at 1.6%, reached its lowest level since March 2021. Core inflation remained the primary driver of headline inflation across all G7 countries except Japan, where food inflation accounted for around half of year-on-year headline inflation (Figure 3).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) was broadly stable at 2.5% in January 2025, after 2.4% in December 2024, with rising energy inflation and falling food inflation. Core inflation remained stable. In February 2025, according to Eurostat’s flash estimate, inflation remained broadly stable at 2.4% in the euro area, despite a decline in energy inflation. HICP inflation is estimated to have fallen markedly in February in France where energy prices declined strongly due to a base effect.
In the G20, year-on-year inflation was stable at 5.0% in January 2025. Headline inflation fell in Indonesia and, to a lesser extent, in Brazil. In Argentina, inflation continued to decline, albeit remaining above 80%. Headline inflation increased in China to 0.5%, having stood close to zero in previous months, and in South Africa. Inflation remained broadly stable in Saudi Arabia (Table 2).
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