OECD CPI inflation was unchanged at 4.7% in December with inflation rising in 18 countries, remaining unchanged in 12 countries, and falling in 8 countries.

• OECD energy inflation increased sharply. The increase in OECD energy inflation was offset somewhat by a marginal decline in OECD core inflation (inflation less food and energy). OECD food inflation remained broadly stable.
• Inflation in the G7 area increased for the third consecutive month to 2.8%, up from 2.6% in November.
• In the G20, year-on-year inflation declined to 5.1% in December from 5.7% in November, reaching its lowest level since September 2021.

Annual OECD inflation stood at 5.2% in 2024, 1.6 ppts below its 2023 level. This is about 4.0 ppts below its peak of 2022 but more than twice as high as in 2019.

• OECD food and core inflation, at 4.6% and 5.7% respectively, were below their 2023 levels.
• Energy inflation amounted to 0.6% on average across OECD countries, masking large dispersion across countries.