Paris [France], July 4: Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) declined to 4.0% in May 2025, from 4.2% in April. This marks the lowest level since June 2021 and represents a drop of 6.7 percentage points (p.p.) from the peak recorded in October 2022.
While the pace of OECD headline inflation has moderated, average price levels across the OECD continue to rise at almost twice the 2019 average rate and were 33.7% higher than in December 2019. Between April and May 2025, headline inflation fell in 15 OECD countries, with Türkiye, the Netherlands and Lithuania seeing the largest decreases (more than 0.5 p.p.). By contrast, it increased in 9 OECD countries, with rises of 0.5 p.p. or more in Czechia, Greece, Mexico, and Norway. Headline inflation was stable or broadly stable in the remaining 14 countries.
Year-on-year core inflation (inflation less food and energy) in the OECD fell to 4.4% in May from 4.6% in April, with decreases in 24 OECD countries and rises in only 5 countries, while it remained stable or broadly stable in the remaining 9 countries. Food and energy inflation in the OECD showed little change in May, at 4.6% and minus 0.3%, respectively. However, cumulative increases in both food and energy price levels since December 2019 exceed 40%.
Source: Emirates News Agency