OECD Inflation Marks Lowest Level Since Mid-2021

(MENAFN) In March, the rate of inflation across the member nations of the Organization for Economic Cooperation and Development (OECD) declined to 4.2 percent, marking its lowest point since July 2021.

This decrease from February’s 4.5 percent figure occurred even as global food costs continued to escalate, according to an OECD report.

Among the 38 OECD countries, 18 experienced a reduction in annual inflation.

The most significant decreases were recorded in Estonia, Hungary, Norway, as well as Turkey.

Conversely, inflation rose in seven countries, while in the remaining 13, the rates either remained consistent or showed only minimal change.

The organization highlighted that “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.”

Nonetheless, this was balanced by a notable drop in energy-related inflation: “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.”

Within the Group of Seven (G7) nations, inflation eased to 2.4 percent in March from 2.7 percent the prior month.

In contrast, inflation in the eurozone remained relatively unchanged, slipping slightly from 2.3 percent in February to 2.2 percent in March.

For the Group of Twenty (G20), the yearly inflation rate held steady at 4.2 percent in March, following a marginal dip from 4.3 percent in February.

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