Statistical release, 3 july 2025
Year-on-year inflation in the OECD fell to 4.0% in May 2025, the lowest since June 2021, down from a peak of 10.7% in October 2022. Price levels across the OECD remain high, now 33.7% above December 2019.
Core inflation in the OECD declined to 4.4% in May, with decreases in 24 countries. Food and energy inflation showed little change, though both have risen over 40% since December 2019.
In the euro area, inflation dropped to 1.9% in May, while G7 inflation held steady at 2.4%. G20 inflation also fell, reaching 3.9% in May.