OECD area inflation down to 5.7% in Jan

By Gokhan Ergocun

ISTANBUL (AA) - The annual inflation in the Organization for Economic Co-Operation (OECD) area fell to 5.7% in January, down from 6% in December.

The organization stated on Wednesday that two-thirds of OECD countries saw inflation fall in the month, with the largest declines in Czechia, the Slovak Republic, Hungary, Austria, and Iceland.

Inflation stood below 3% - or negative - in 14 OECD countries in Jan. 2024, versus 11 countries in Dec. 2023.

Core inflation in the OECD area, excluding food and energy, was stable at 6.6% in January versus 6.7% in December.

Energy inflation has been negative since May 2023.

"However, Türkiye and Colombia experienced energy inflation in excess of 25% in January 2024," it added.

Food inflation in the OECD slowed to 6.2% in Jan. 2024 as compared to 6.7% in Dec. 2023.

"It declined in three-quarters of OECD countries and was below 10% everywhere except Türkiye," it noted.

Annual inflation in the G7 countries dropped to 2.9% in January versus 3.2% in December, from 2.9% to 2.8% for the eurozone and from 6.5% to 6.4% for the G20.