OECD area annual inflation remains steady at 4.7% in January

By Mucahithan Avcioglu

ISTANBUL (AA) - Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area was constant at 4.7% in January for the third consecutive month, according to data released on Wednesday.

Food inflation rose slightly to 4.4% in January while the annual rise in energy prices accelerated to 4% from 3.8% in December, according to data from the Paris-based organization.

Core inflation, which excludes volatile food and energy prices, ticked down to 4.8% in January from 4.9% in the previous month.

"Among OECD countries, headline inflation rose in 15, fell in 10, and was stable or broadly stable in about one third of countries," the statement said.

"The largest inflation increases, by 0.9 percentage points or more, were observed in Lithuania, Austria, the Slovak Republic, Belgium, Hungary, and Luxembourg," it added.

In the G7 area, annual inflation was broadly stable at 2.9% in January.

Energy and core inflation were on average mostly unchanged, but food inflation rose slightly to 2.6%.

In the G20, year-on-year inflation was also stable at 5.0% in January.

"In Argentina, inflation continued to decline, albeit remaining above 80%. Headline inflation increased in China to 0.5%, having stood close to zero in previous months," it noted.

"Headline inflation in Türkiye has fallen for eight consecutive months but remained above 40% in January," it added.