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The annual inflation rate in the OECD, as measured by the consumer price index (CPI), fell for the third consecutive month from 5.6% in October to 5.4% in November 2023.
According to a press release, 28 OECD countries recorded declines in inflation between October and November 2023, the same number of countries as between September and October.
However, the decline in overall inflation was less pronounced than in the previous month. In the Netherlands, Denmark and Belgium, headline inflation began to rise again after a period of decline. OECD core inflation (inflation excluding food and energy) continued to decline slightly, falling from 6.5% in October to 6.3% in November, the lowest level since April 2022.
Food inflation continued to slow in the OECD at a similar pace to previous months, but fell faster than overall inflation. Food inflation reached 6.7% in November, down from 7.4% in October, with declines recorded in 34 OECD countries. OECD energy inflation was negative for the seventh consecutive month in November. Significant differences were found between OECD countries: in the Czech Republic and Colombia, energy inflation was still above 20% year-on-year, while energy prices fell by more than 20% in Belgium, the Netherlands, Italy and Denmark.
In the G7 countries, inflation fell to 3.1% year-on-year in November, after 3.4% in October. Headline inflation remained unchanged in Canada and remained generally stable in the United States. It fell in all other G7 countries, with the largest decline in Italy. Non-food and non-energy products contributed the most to headline inflation in most G7 countries in November. Food inflation, energy inflation and, to a lesser extent, core inflation continued to fall overall in the G7 countries.
In the euro area, year-on-year inflation as measured by the Harmonized Index of Consumer Prices (HPI) fell again to 2.4% in November, from 2.9% in October, with food inflation and underlying inflation falling relatively more than energy inflation. Eurostat’s flash estimate for December shows euro zone inflation rising to 2.9%, with the fall in energy prices slowing, while core inflation is believed to have fallen further. Inflation would have risen significantly in Germany in December, reflecting a base effect due to a one-off measure on gas and heating costs (so-called “December emergency aid”) in December 2022.
Across the G20, inflation remained broadly stable year-on-year, standing at 5.8% in November, compared to 5.7% in October. Inflation fell in both South Africa and China, where it slipped more into negative territory. Inflation rose in Argentina, India and Indonesia. Things were generally stable in Brazil and Saudi Arabia.
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