OECD annual inflation falls further, hitting lowest level since October 2021

By Tuba Ongun

Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area eased for the third straight month in November 2023, the international group said on Thursday.

Consumer prices rose 5.6% year-on-year in November 2023, the slowest pace since October 2021, the OECD said.

Core inflation, excluding food and energy, in the OECD declined from 6.5% in October to 6.3% in November, its lowest level since April 2022.

Food inflation in the OECD dropped to 6.7% in November, following October's 7.4%.

The cost of energy fell for the seventh month in a row in the OECD area, down 5.1% in November 2023.

The largest declines in energy prices were seen in Belgium, the Netherlands, Italy, and Denmark, with more than 20% annually.

Energy inflation, on the other hand, exceeded 20% year-on-year in the Czech Republic and Colombia.

Annual inflation in the Group of 20 was broadly stable at 5.8% in November, and it fell to 3.1% in the Group of Seven.