Year-on-year inflation in the OECD, as measured by the Consumer Price Index (CPI), remained at 4.7% in January 2025, the same rate as in November and December 2024.

• Year-on-year OECD energy inflation rose slightly to 4.0% in January 2025 after 3.8% in December 2024
• OECD core inflation and OECD food inflation remained broadly stable at 4.8% and 4.4% respectively.
• Year-on-year inflation in the G7 area was broadly stable at 2.9% in January 2025. Energy and core inflation were on average broadly unchanged, but food inflation increased once again modestly.
• In the G20, year-on-year inflation was stable at 5.0% in January 2025.