Annual OECD inflation slowed to 5.7% in April from 5.8% in March and 5.7% in January and February, falling in 24 of the organization’s 38 countries, it was announced this Wednesday.
In a statement released this Wednesday, the OECD (Organization for Economic Co-operation and Development) said the largest drops, of 0.5 percentage points or more, were recorded in Estonia, the UK, Iceland, Luxembourg, Austria and Slovenia, while the remaining third of countries organizations have recorded growth.
Global inflation was below 2.0% in seven OECD countries, the same as in March.
In terms of OECD core inflation (inflation minus food and energy), the organization says it fell to 6.2%, down from 6.4% in March, with falls in three-quarters of countries.
Inflation in the services sector also slowed in most countries, while in the energy sector it continued to rise, reaching 1.2% in April versus 0.6% in March.
Food inflation in OECD countries fell to 4.8% in April after 4.9% in March.
In the G7 countries, annual inflation fell slightly to 2.9% in April, returning to the levels of January and February 2024, with the largest fall recorded in the UK, where the regulatory limit on household energy bills was lowered in April, and also in Italy. In both countries, energy prices continued to fall by more than 10% year on year.
Inflation fell more moderately in Canada and Japan and remained steady in France, Germany and the United States.
Core inflation in the G7 countries fell to 3.3% in April from 3.5% in March and became the main factor contributing to headline inflation across the group.
In the eurozone, annual inflation, as measured by the Harmonized Index of Consumer Prices (HICP), remained at 2.4% in April. Rising food and energy inflation was offset by lower core inflation, which has fallen for nine months in a row.
Eurostat’s preliminary estimate for May 2024 points to annual euro area inflation rising to 2.6%, with core inflation rising and energy inflation turning positive for the first time since April 2023.
In G20 countries, annual inflation remained at 6.9% in April, rising in China and Argentina and falling in Brazil and South Africa.
Global inflation was broadly stable in Saudi Arabia and Indonesia.
Author: Lusa
Source: CM Jornal
I’m Tifany Hawkins, a professional journalist with years of experience in news reporting. I currently work for a prominent news website and write articles for 24NewsReporters as an author. My primary focus is on economy-related stories, though I am also experienced in several other areas of journalism.