Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) increased slightly in May 2024, to 5.9% from 5.7% in April (Figures 1 and 2). Year-on-year inflation has remained at or just below 6.0% since October 2023. Headline inflation rose in 18 of 38 OECD countries and declined in 13. Inflation remained above 5.0% in Colombia and Iceland, and above 70% in Türkiye.
OECD energy inflation rose markedly from minus 0.1% in April, to 2.5% in May, its highest level since February 2023, with increases in 24 OECD countries. The strongest increases were recorded in Türkiye, Denmark, and Japan. Energy prices in Türkiye have doubled compared to the same month the previous year, due to a base effect related to a temporary gas allowance in May 2023. OECD core inflation (inflation less food and energy) remained broadly stable at 6.1% in May, after 6.2% in April. Food inflation stabilised slightly below 5.0% for the third month in a row, following a continued decline between November 2022 and March 2024.
Year-on-year headline inflation in the G7 was stable at 2.9% in May. Food and core inflation declined slightly, while energy prices decreased year-on-year at a slower pace than in April. In May, Italy continued to register the lowest headline inflation in the G7, remaining at 0.8% with strong and persistent energy deflation. The highest increase in headline inflation (by 0.3 percentage point) was registered in Japan, where energy inflation rose strongly, partly driven by the phasing out of utility subsidies. Energy inflation also rose rapidly in France. Core inflation was the main contributor to headline inflation in almost all G7 countries (Figure 3).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose slightly to 2.6% in May, from 2.4% in April. Core inflation increased for the first time since June 2023. Energy inflation, while increasing, continued to show large variability across member states. Food inflation declined slightly. In June 2024, according to Eurostat’s flash estimate, year-on-year inflation was broadly stable in the euro area, reaching 2.5% with very little changes in core and energy inflation compared to May.
In the G20, year-on-year inflation increased slightly to 7.3% in May from 7.1% in April. Headline inflation declined in Indonesia but exceeded 270% in Argentina. Brazil recorded its first inflation increase since September 2023. Headline inflation was stable in China, Saudi Arabia, and South Africa (Table 2).
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