Inflation across the OECD (Organisation for Cooperation and Development), as measured by the Consumer Price Index (CPI), was stable at 4.5% in November 2024 compared with October 2024 and down from 5.8% in November 2023.

At a country level, the picture was more mixed, with inflation rising in 14 of 38 OECD countries including notable increases of 1.7% in Slovenia and 1.0% in Lithuania.

Headline inflation declined in 11 OECD countries and was stable or broadly stable in 13. Headline inflation remained highest in Turkey at 47.1% in November, despite a decline of 1.5% compared with October, while it stood below 1.0% in Switzerland and Luxembourg and closer to 0.0% in Costa Rica.

Inflation in the G7 area increased to 2.6% in November from 2.3% in October, with rises in Japan, Italy, the UK, and Germany. Inflation was boosted by reduced energy subsidies and accelerating food prices in Japan, OECD data noted. Core inflation remained the main contributor to headline inflation in all G7 countries except Japan, where the combined contribution of food and energy inflation exceeded that of core inflation.

In the G20, inflation declined to 5.7% in November from 6.0% in October, reaching its lowest level since June 2023. Headline inflation fell in India after three months of increases. Headline inflation continued to decline in Argentina, but remained above 160%. Argentina has struggled with hyperinflation recently.

Inflation remained broadly stable in Brazil, Indonesia, Saudi Arabia, South Africa, and China, where it stood close to zero, at 0.2%.