OECD inflation down in March as energy prices ease

By Gokhan Ergocun

ISTANBUL (AA) - The annual inflation rate was at 7.7% in March in the Organization for Economic Cooperation and Development (OECD) region, down from 8.8% in February, the international group said on Thursday.

The decline stemmed from easing energy prices in the region. The energy inflation was at 1.3% in March, down from 11.9% in February, the OECD said in a press release.

The peak level of the annual inflation was at 10.7% in October 2022, the organization recalled.

The annual inflation moderated in 34 of 38 OECD countries in March, it added.

"At the low end, Japan, Luxembourg, Spain, and Switzerland recorded inflation rates below 4%, while inflation in Hungary and Türkiye still exceeded 20%," it added.

In the Group of Seven side, the annual inflation slowed further to 5.4% in March, decreasing from 6.4% in February.

The annual inflation in the euro area fell to 6.9% from 8.5%, while it dropped to 6.9% from 8% in the Group of 20 over the same period.