OECD headline inflation slows to 5.7% in January 2024

 

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6 Mar 2024 - Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) declined from 6.0% in December 2023 to 5.7% in January 2024 (Figures 1 and 2). Headline inflation fell in two-thirds of OECD countries, with the largest decreases (more than one percentage point) recorded in Czechia, Slovak Republic, Hungary, Austria, and Iceland. Inflation stood below 3% (or was negative) in 14 OECD countries in January 2024, compared to 11 countries in December 2023.

Inflation less food and energy (core inflation) in the OECD was broadly stable, reaching 6.6% in January 2024 compared to 6.7% in December 2023, and it has remained higher than overall inflation for the last nine consecutive months. Energy inflation in the OECD has been negative since May 2023 and remained so in 23 OECD countries. However, Türkiye and Colombia experienced energy inflation in excess of 25% in January 2024. Food inflation in the OECD continued to slow, to 6.2% in January 2024 compared to 6.7% in December 2023. It declined in three-quarters of OECD countries and was below 10% everywhere except Türkiye.

Year-on-year inflation in the G7 declined to 2.9% in January 2024 compared to 3.2% in December 2023, reaching its lowest level since April 2021. Core inflation in the G7 was broadly stable. Headline inflation declined in every country except Italy where it rose slightly but remained the lowest among G7 countries, and in the United Kingdom, where it was stable. Food inflation declined by 1.0 percentage point or more in France, Canada, Japan, and the United Kingdom, while energy inflation was negative in all G7 countries except France. Non-food and non-energy items were the main contributors to headline inflation in most G7 countries in January 2024 (Figure 3).

In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) was broadly stable at 2.8% in January 2024, compared to 2.9% in December 2023. Core inflation was broadly stable, while food inflation in the euro area declined for the tenth consecutive month, reaching 5.4%. In February 2024, Eurostat’s flash estimate pointed to a decline in euro area headline (to 2.6%) and core inflation, with a slowing decline in energy prices.

In the G20, year-on-year inflation was broadly stable at 6.4% in January 2024, compared to 6.5% in December 2023. In China, inflation remained negative, declining to minus 0.8% year-on-year. Headline inflation also declined in India while it increased in South Africa and jumped further in Argentina. It was broadly stable in Brazil, Indonesia, and Saudi Arabia.

  

 

Underlying data:  

• OECD countries, contributions to annual CPI inflation by COICOP Division, current month (xlsx)
• OECD countries, contributions to annual CPI inflation, selected components, historical series (xlsx)
• G7 & non-OECD countries, zone aggregates, inflations rates, historical series graphs (xls)

  

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