The latest data from the Organisation for Economic Co-operation and Development (OECD) shows inflation trends in different countries, highlighting that Latvia and the United Kingdom experienced inflation increases of over 0.5 percentage points, while inflation decreased by 0.5 points or more in Canada, Costa Rica, the Czech Republic, Hungary, and Poland.
In April, overall inflation was 2.0% or lower in 11 OECD countries, and below 1.0% in five countries.
Inflation in Portugal rose from 1.9% in March to 2.1% in April.
Year-on-year energy price inflation in the OECD dipped to -0.2% in April, down from 0.3% in March, with decreases in 29 OECD countries and increases in only seven.
Energy inflation rose by more than 7.0 points in Turkey and the United Kingdom, the latter influenced by a regulatory increase in the energy price cap, and by 2.7 points in Japan, following government subsidy reductions for utilities.
In Canada, energy prices experienced a significant drop, largely due to the removal of consumer carbon pricing and lower crude oil prices.
Food product inflation within the OECD slowed to 4.5% in April, compared to 4.8% in March, while core inflation (excluding food and energy) remained stable at 4.6%, up slightly from 4.5% in March.
In the G7 nations, annual inflation remained stable at 2.4% in April, despite declines in energy and food product inflation.
Core inflation continued to be the primary driving force behind global inflation in all G7 countries, except Japan, where food and energy inflation combined exceeded core inflation’s contribution.
In the euro area, the annual inflation rate measured by the Harmonized Index of Consumer Prices (HICP) remained at 2.2% in April.
An ongoing rise in year-on-year food product inflation for the third consecutive month, and a 0.3-point increase in core inflation, were offset by a further decrease in energy product inflation, down to -3.6%, according to the OECD.
Provisional estimates from Eurostat in May 2025 indicate that the annual overall inflation rate in the euro area fell to 1.9%.
“It is estimated that year-on-year core inflation decreased by 0.4 points to 2.3%, service inflation by 0.8 points to 3.2%, while energy inflation remained stable.
In the G20, year-on-year inflation remained largely stable at 4.1% in April, compared to 4.2% in March.
Global inflation accelerated in Indonesia, while it stayed stable or broadly stable in Brazil, China, India, Saudi Arabia, and South Africa.
Inflation decreased in Argentina but remained above 45%.
