OECD headline inflation eased slightly to 4.1% YoY in July 2025 (from 4.2% in June), staying in the narrow 4.0–4.2% range seen since March.

• Headline inflation rose in 10 OECD countries, with Slovenia posting the largest gain (+0.6 ppts), while Mexico, Poland, and Türkiye saw declines of more than -0.5 ppts.

• Türkiye remained the only OECD country with double-digit inflation, while Costa Rica recorded its third straight month of deflation at -0.6% YoY.

• Food inflation held at 4.5% YoY, with increases in 21 OECD countries, declines in 12, and little change in 5.

• Core inflation was stable at 4.4% YoY, while energy inflation slowed to 0.3% (from 0.9% in June).

• G7 headline inflation held at 2.6% YoY and core at 3.0%; Canada and Japan saw declines on weaker energy prices, while other members remained broadly stable.

• Euro area HICP inflation stayed at 2.0% YoY in July, with food prices rising, energy declines moderating, and core inflation unchanged; August flash estimates show headline stable at 2.1%.

• G20 inflation was steady at 3.8% YoY, with increases in India, Indonesia, and South Africa, and declines in Argentina, Brazil, and Saudi Arabia; China’s inflation hovered near 0%.