Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) remained broadly stable at 5.7% in April 2024, after 5.8% in March and 5.7% in January and February (Figures 1 and 2). Headline inflation declined in 24 of 38 OECD countries, with the largest falls of 0.5 percentage point (p.p.) or more, recorded in Estonia, the United Kingdom, Iceland, Luxembourg, Austria, and Slovenia. The remaining third of OECD countries recorded increases. Headline inflation was below 2.0% in seven OECD countries, the same number as in March.
OECD core inflation (inflation less food and energy) declined to 6.2%, after 6.4% in March, with falls in three-quarters of OECD countries. Services inflation also decelerated in a majority of countries. OECD energy inflation continued to increase, reaching 1.2% in April, after 0.6% in March. Food inflation in the OECD remained broadly stable, at 4.8% in April, after 4.9% in March.
Year-on-year inflation in the G7 decreased slightly, to 2.9% in April, returning to the levels of January and February 2024. The largest falls in headline inflation were recorded in the United Kingdom, where the regulatory cap on household energy bills was cut in April, and in Italy. In both countries, energy prices continued to decline by more than 10% year-on-year. Headline inflation declined more moderately in Canada and Japan and remained stable in France, Germany, and the United States. Core inflation in the G7 declined to 3.3% in April, after 3.5% in March, reaching its lowest level since October 2021. Food inflation in the G7 remained broadly stable while energy inflation increased slightly. Core inflation was the main contributor to headline inflation in all G7 countries (Figure 3).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) remained stable at 2.4% in April. Increases in food and energy inflation were offset by a decline in core inflation, which has been decreasing for nine months in a row. Eurostat’s flash estimate in May 2024 points to an increase in year-on-year inflation in the euro area, to 2.6%, with core inflation rising and energy inflation turning positive for the first time since April 2023.
In the G20, year-on-year inflation was stable at 6.9% in April. Headline inflation increased in China and Argentina while it fell in Brazil and South Africa. Headline inflation remained broadly stable in Saudi Arabia and Indonesia (Table 2).
Note: April 2024 data for CPI components for the United States are estimates based on CPI for All Urban Consumers (CPI-U): U.S. city average (Food at home; Energy; All items less food and energy) published by the BLS. CPI breakdown based on COICOP classification for the United States for April 2024 was not yet available by the time of this news release.
Note: April 2024 data for CPI components for the United States are estimates based on CPI for All Urban Consumers (CPI-U): U.S. city average (Food at home; Energy; All items less food and energy) published by the BLS. CPI breakdown based on COICOP classification for the United States for April 2024 was not yet available by the time of this news release.
Note: April 2024 data for CPI components for the United States are estimates based on CPI for All Urban Consumers (CPI-U): U.S. city average (Food at home; Energy; All items less food and energy) published by the BLS. CPI breakdown based on COICOP classification for the United States for April 2024 was not yet available by the time of this news release.
1 For this country, figures shown refer to Q1 2023, Q4 2023 & Q1 2024, as year-on-year inflation is based on quarterly CPI data.
2 April 2024 data for CPI components for the United States are estimates based on CPI for All Urban Consumers (CPI-U): U.S. city average (Food at home; Energy; All items less food and energy) published by the BLS. CPI breakdown based on COICOP classification for the United States for April 2024 was not yet available by the time of this news release.
Note: CPI aggregates for the OECD area are computed as a weighted average of the national CPIs. This may differ from the definition used in the OECD Economic Outlook. For methodological information concerning the CPI aggregates in this news release, please see Methodological Notes for OECD CPI News Release.
Source: OECD Consumer Price Indices (CPIs) Database: Consumer price indices (CPIs, HICPs), COICOP 1999; Consumer price indices (CPIs), COICOP 2018 (for Chile, Costa Rica and Japan).
1 New survey coverage from January 2024. Data from this period are not directly comparable with data for previous months.
2 April 2024 data for CPI components for the United States are estimates based on CPI for All Urban Consumers (CPI-U): U.S. city average (Food at home; Energy; All items less food and energy) published by the BLS. CPI breakdown based on COICOP classification for the United States for April 2024 was not yet available by the time of this news release.
*See Methodological Notes for OECD CPI News Release for the inclusion of the Argentinian CPI in the G20 aggregate. The G20 aggregate does not include African Union countries, except for South Africa. The Russian Federation is included in the G20 estimates.
Note: CPI aggregates for the OECD area are computed as a weighted average of the national CPIs. This may differ from the definition used in the OECD Economic Outlook. For methodological information concerning the CPI aggregates in this news release, please see Methodological Notes for OECD CPI News Release.
In compiling CPI G20 aggregate, the current period CPI for countries whose CPI is unavailable is imputed using the weighted average of the percentage change in CPI from the previous period covering all the members whose CPI are available. The individual imputed values used for calculation of the G20 aggregate are not published.
Source: OECD Consumer Price Indices (CPIs) Database: Consumer price indices (CPIs, HICPs), COICOP 1999; Consumer price indices (CPIs), COICOP 2018 (for Chile, Costa Rica, Japan).
Methodological information:
OECD Consumer price index – Methodological Notes for OECD CPI News Release.
OECD Contributions to annual inflation – OECD calculation of contributions to overall annual inflation.
Access Data:
OECD Database: Consumer price indices (CPIs, HICPs), COICOP 1999; Consumer price indices (CPIs), COICOP 2018;
Graphs:
OECD countries – Contributions to annual CPI inflation by COICOP Division, current month; OECD countries – Contributions to annual CPI inflation, selected components, historical series; and G7 & non-OECD countries, zone aggregates, inflations rates, historical series graphs.
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