OECD year-on-year headline inflation stable at 4.7% in December 2024

Year-on-year inflation in the Organisation for Economic Co-operation and Development (OECD), as measured by the Consumer Price Index, remained stable at 4.7 per cent in December 2024.

In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices rose to 2.4 per cent, compared to 2.2 per cent in November.

Food inflation in the euro area declined by more than one percentage point, reaching 2 per cent. Meanwhile, year-on-year energy inflation was close to zero after having been negative for four months.

In January, Eurostat’s flash estimate revealed year-on-year inflation in the euro area was stable, reaching 2.5 per cent, whilst core inflation remained stable, and energy inflation increased.

The OECD energy inflation increased sharply in December 2024, partially offset by a marginal decline in OECD core inflation (inflation less food and energy). OECD food inflation remained broadly stable.

The annual OECD inflation stood at 5.2 per cent in 2024, 1.6 percentage points below its 2023 level. This is about 4 percentage points below its peak of 2022 but more than twice as high as in 2019.

Headline inflation rose in 18 OECD countries with the largest increase, by 0.7 percentage points or more, recorded in Latvia, Costa Rica, Hungary, Lithuania, and Japan.

Meanwhile, it declined in eight countries including, Turkey, where it fell by 2.7 percentage points. Headline inflation remained stable or broadly stable in 12 OECD countries.

G20 year-on-year inflation declined by 5.1 per cent in December, from 5.7 per cent in November, reaching its lowest level since September 2021. Headline inflation remained broadly stable in Brazil, Indonesia, Saudi Arabia, South Africa, and China.



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