OECD area annual inflation rate at nearly 1-year low

By Tuba Sahin

ANKARA (AA) - The annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area dove to an 11-month low in February as a price hike in energy and food slowed, according to data released on Tuesday.

Consumer prices increased 8.8% year-on-year in February, the slowest pace of gain since March 2022, the Paris-based organization data showed.

It followed a 9.2% annual rise in January.

Inflation slowed in 23 of the 38 OECD countries with the largest decreases registered in Costa Rica and Türkiye.

Energy inflation continued to cool in all OECD countries except for Colombia and Poland, falling to 11.9% in February from 16.4% in January.

Energy prices fell in Canada and Japan, for the first time since the beginning of 2021, as gasoline prices dropped in Canada and electricity and gas subsidies dampened prices in Japan.

Food prices increase eased for the third consecutive month, down to 14.9% from 15.2% in January.