Easing energy prices sees OECD inflation edge down to 8.8% in February

Headline year-on-year inflation in OECD countries as measured by the Consumer Prices Index (CPI) stood at 8.8% in February 2023, down from 9.2% in January, with 23 of 38 member countries registering falls. The highest inflation rates were recorded in Türkiye and Hungary (55.2% and 25.4% respectively), the lowest in Japan and Switzerland (3.3% and 3.4% respectively).

Energy inflation continued to slow to 11.9% in February (vs. 16.4% in January, having peaked at 40.8% in June), while food inflation continued to ease. Excluding food and energy, OECD inflation as broadly stable at 7.3% in February (vs. 7.2% in January, having peaked at 7.8% in October).

In the G7, inflation fell to 6.4% overall in February (vs. 6.7% in January), with only France (6.3%) and the United Kingdom (9.2%) recording increases. The UK and Japan recorded the highest and lowest inflation rates, respectively.

> Explore the latest CPI numbers in-depth (4 Apr 2023)

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