OECD inflation down to lowest level since mid-2021

By Gokhan Ergocun

ISTANBUL (AA) - Annual inflation in the Organization for Economic Cooperation and Development (OECD) area fell to 4.2% in March, its lowest level since July 2021.

Inflation dropped from 4.5% in February, the OECD said, added that the decline came despite higher food prices worldwide.

Annual inflation fell in 18 of 38 OECD countries, while the largest falls were seen in Estonia, Hungary, Norway, and Türkiye.

Inflation rose in seven countries and was stable or broadly stable in 13.

“Year-on-year OECD food inflation rose to 4.8% in March from 4.4% in February, with increases in more than two-thirds of OECD countries,” said a statement.

"This was outweighed by a fall in OECD energy inflation to 3.0% in March from 3.8% in February, with decreases in 28 OECD countries."

In the G7, inflation fell to 2.4% in March from 2.7% in February; in the eurozone, it remained broadly stable at 2.2% in March from 2.3% in February.

In the G20, year-on-year inflation stood at 4.2% in March, broadly stable after 4.3% in February.