Year-on-year inflation in the OECD as measured by the CPI slowed to 4.5% in February from 4.7% in January. OECD core inflation (inflation less food and energy) remained broadly stable.

• Inflation declined in 15 of 38 OECD countries and was stable or broadly stable in 15. By contrast, it rose in 8 OECD countries, with increases exceeding 1.0 percentage point (p.p.) in Estonia and Norway.
• Year-on-year OECD energy inflation fell to 3.6% in February 2025 from 4.0% in January.
• Year-on-year inflation in the G7 slowed to 2.7% in February from 2.9% in January.
• In the G20, year-on-year inflation fell to 4.3% in February from 4.8% in January, reaching its lowest level since May 2021.