OECD inflation eases to 10.3% in November

Headline year-on-year inflation as measured by the Consumer Prices Index (CPI) eased 0.4pp to 10.3% in November, with declining energy price inflation leading to falls in 25 of 38 OECD countries. However, Chile, the Czech Republic, Finland, Hungary, the Slovak Republic and Sweden saw increases of at least 0.5 percentage points.

Having peaked at 40.7% in June, energy price inflation fell 4.2pp to 23.9% in November, its lowest rate since September 2021 – although it remained above 30% in 14 of 38 OECD countries. CPI excluding food and energy eased to 7.5%, compared to 7.6% the previous month (and 3.9% in November 2021).

Türkiye, Hungary and Latvia recorded the highest inflation rates in the OECD (84.4%, 23.1% and 21.7%, respectively), while Switzerland, Japan and Korea recorded the lowest (3.0%, 3.8% and 5.0%, respectively).

> See the CPI update in full

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