At the national level, the picture was more mixed, with inflation rising in 14 of the 38 OECD countries.
YoY consumer price index-based inflation in the OECD was stable in November 2024 compared with October.
At the national level, the picture was more mixed, with inflation rising in 14 of the 38 OECD nations.
Meanwhile, headline inflation declined in 11 OECD countries and was stable or broadly stable in 13.
OECD core inflation marginally fell to 4.9 per cent in November from 5 per cent in October.
Meanwhile, headline inflation declined in 11 OECD countries and was stable or broadly stable in 13. At 47.1 per cent, it remained highest in Turkiye in November despite a month-on-month (MoM) decline of 1.5 pps, while it stood below 10 per cent in Switzerland and Luxembourg and closer to 0 per cent in Costa Rica.
OECD energy inflation also increased for the second month in a row, turning positive in November at 1.2 per cent, with rise in 26 OECD countries. OECD core inflation (less food and energy) marginally declined to 4.9 per cent in November from 5 per cent in October.
YoY inflation in the G7 area increased to 2.6 per cent in November from 2.3 per cent 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, an OECD release said.
In the euro area, YoY inflation, as measured by the harmonised index of consumer prices (HICP), exceeded monetary policy target at 2.2 per cent in November—a 0.2-pp increase from October. This second consecutive rise was driven primarily by a slower decline in energy prices. Core inflation remained stable in the zone.
Headline inflation rose in nine OECD euro area countries, was stable or broadly stable in six, and declined only in Estonia and Luxembourg.
According to Eurostat’s flash estimate, headline inflation continued to rise YoY in December last year in the euro area, reaching 2.4 per cent. Year-on-year energy inflation is estimated to have stood close to zero after having been negative for four months, and core inflation was stable.
In the G20, YoY inflation declined to 5.7 per cent in November from 6 per cent in October, reaching its lowest level since June 2023.
Fibre2Fashion News Desk (DS)
