OECD Inflation Marks Lowest Rate Since Mid-2021

(MENAFN) Annual inflation across the Organization for Economic Cooperation and Development (OECD) member countries has decreased to 4.2% in March, marking the lowest rate observed since July 2021.

The OECD reported that the inflation rate fell from 4.5% in February. This decline occurred even with a global increase in food prices.

Eighteen out of the 38 OECD nations experienced a drop in their annual inflation rates. Notably, Estonia, Hungary, Norway, and Turkey saw the most significant decreases.

Conversely, inflation increased in seven member countries, while it remained relatively steady in thirteen others.

According to a statement, "Year-on-year OECD food inflation rose to 4.8% in March from 4.4% in February, with increases in more than two-thirds of OECD countries."

However, the statement also noted that "This was outweighed by a fall in OECD energy inflation to 3.0% in March from 3.8% in February, with decreases in 28 OECD countries."

Inflation in the G7 countries saw a decrease to 2.4% in March from 2.7% in February. In the eurozone, inflation remained largely unchanged at 2.2% in March, compared to 2.3% in the preceding month.

For the broader G20 group, the year-on-year inflation rate stood at 4.2% in March, showing little change from the 4.3% recorded in February.

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