OECD year-on-year inflation slowed to 4.2% in March 2025 from 4.5% in February, the lowest since July 2021, despite a continued rise in food prices.

• OECD food inflation rose to 4.8% YoY in March from 4.4% in February, with notable increases in Chile, Greece, the Netherlands, and Türkiye.
• OECD energy inflation declined to 3.0% from 3.8%, with falls in 28 of 38 member countries.
• Core inflation eased to 4.5%, down from 4.7% and the lowest since November 2021.
• G7 inflation dropped to 2.4% YoY from 2.7%, with food inflation rising in Canada, Germany, France, and the US, while Italy saw a headline rise due to energy prices.
• Euro area HICP held at 2.2% in March; food prices rose, but energy inflation fell to -3.5% in April (flash estimate).
• G20 inflation remained stable at 4.2% YoY in March, with increases in Brazil, India, Indonesia, and Saudi Arabia; Argentina remained above 50%.