OECD inflation declines to 10.3% in November 2022 as energy prices slow in most countries

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10 Jan 2023 - Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) fell to 10.3% in November 2022, back to the level recorded in August, from 10.7% in October (Figure 1). Declines in inflation between October and November were recorded in 25 of 38 OECD countries. Nevertheless, inflation increased by at least 0.5 percentage point in Chile, the Czech Republic, Finland, Hungary, the Slovak Republic and Sweden. The highest year-on-year inflation rates were recorded in Estonia, Hungary, Latvia, Lithuania and Türkiye (all above 20%).

Energy inflation continued to fall in the OECD to 23.9% in November, after 28.1% in October, reaching its lowest rate since September 2021. Nevertheless, it remained above 10% in 34 of 38 OECD countries and above 30% in 14 of them. Energy inflation decreased in most OECD countries, increasing only in the Czech Republic, Finland, Slovenia and Sweden. Food inflation was stable at 16.1%, while inflation less food and energy declined marginally to 7.5% in November.

Year-on-year inflation in the G7 fell to 7.4% in November, from 7.8% in October.Among G7 countries, inflation declined in Germany, the United Kingdom and the United States and showed only small changes in the other countries. Food and energy inflation continued to be the main contributors to headline inflation in France, Germany, Italy and Japan, while inflation excluding food and energy was the main driver of inflation in Canada, the United Kingdom and the United States (Figure 2).

In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) fell to 10.1% in November, from 10.6% in October, as energy inflation fell sharply. This was the first decrease in year-on-year HICP inflation since June 2021. Eurostat’s flash estimate for the euro area in December 2022 points to a further decrease in year-on-year inflation, to 9.2%, with energy inflation falling to 25.7% from 34.9% in November, but inflation excluding food and energy increasing to 5.2% from 5.0%.

In the G20, year-on-year inflation fell to 9.0% in November, from 9.5% in October. Outside the OECD, year-on-year inflation decreased in Brazil, China, India, Indonesia, Saudi Arabia and South Africa, and only increased in Argentina. 

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