OECD area inflation eases to 10.3% in November 2022

Decline led by slowdown in energy price hikes in most OECD countries, says Paris-based economic organization

By Tuba Sahin

ANKARA (AA) - Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area eased to 10.3% in November from 10.7% in October last year, the international group said on Tuesday.

The decline in main reading stemmed from a slowdown in energy price hikes in most OECD countries except for the Czech Republic, Finland, Slovenia, and Sweden, according to a statement released by the Paris-based organization.

Energy prices jumped 23.9% year-on-year in November, down from a 28.1% hike in October, posting the slowest rise over a year.

Annual inflation decreased in 25 of 38 OECD countries, but increased at least 0.5 percentage points in Chile, the Czech Republic, Finland, Hungary, Slovakia, and Sweden.

The largest annual inflation rates were recorded in Estonia, Hungary, Latvia, Lithuania, and Türkiye (all above 20%).

Food inflation in the OECD area was stable at 16.1% last November.

Outside the OECD, year-on-year inflation fell in Brazil, China, India, Indonesia, Saudi Arabia, and South Africa, and only hiked in Argentina.

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