OECD headline inflation held steady at 4.2% YoY in April 2025, with food prices easing and energy prices turning slightly negative.

• OECD energy inflation fell to -0.2% YoY (from +0.3% in March), with declines in 29 countries; Türkiye and the UK saw sharp increases due to policy changes.
• Food inflation slowed to 4.5% YoY (from 4.8%), while core inflation was broadly stable at 4.6% (vs 4.5% prior).
• G7 inflation remained unchanged at 2.4% YoY; core inflation was the dominant driver except in Japan.
• Euro area HICP held at 2.2% YoY in April; flash estimate for May shows a drop to 1.9% YoY with core at 2.3% (-0.4pp) and services at 3.2% (-0.8pp).
• G20 inflation was stable at 4.1% YoY; Argentina remained elevated above 45% despite a decline.