Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) was stable at 4.2% in April 2025 (Figures 1 and 2). Among OECD countries, headline inflation rose in about as many countries (11) as it fell (12), and was stable or broadly stable in the remaining 15 countries. Latvia and the United Kingdom saw inflation increases of more than 0.5 percentage points (p.p.), while inflation declined by 0.5 p.p. or more in Canada, Costa Rica, Czechia, Hungary, and Poland. Headline inflation in April was at or below 2.0% in 11 OECD countries, and below 1.0% in 5 of them (Table 1).
Year-on-year energy inflation in the OECD fell to minus 0.2% in April, down from 0.3% in March, with declines in 29 OECD countries and increases in only 7. Energy inflation climbed by over 7.0 p.p. in Türkiye and the United Kingdom, whose regulator raised the energy price cap, and by 2.7 p.p. in Japan, where the government reduced utility subsidies. In Canada, energy prices fell sharply, mainly due to the removal of the consumer carbon price as well as lower crude oil prices. OECD food inflation slowed to 4.5% from 4.8% in March, while core inflation (inflation less food and energy) was broadly stable at 4.6% from 4.5% in March.
Year-on-year inflation in the G7 was stable at 2.4% in April, despite declines in energy and food inflation. Core inflation remained the primary driver of headline inflation across all G7 countries except Japan, where the combined contribution of food and energy inflation exceeded that of core inflation (Figure 3).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) remained stable at 2.2% in April. A third straight month of rising year-on-year food inflation and a 0.3 p.p. increase in core inflation were offset by a further decline in energy inflation, to minus 3.6%. In May 2025, according to Eurostat’s flash estimate, year-on-year headline inflation in the euro area fell to 1.9%. Year-on-year core inflation is estimated to have fallen by 0.4 p.p., to 2.3%, services inflation by 0.8 p.p., to 3.2% and energy inflation to have been stable.
In the G20, year-on-year inflation was broadly stable at 4.1% in April from 4.2% in March. Headline inflation accelerated in Indonesia, while it remained stable or broadly stable in Brazil, China, India, Saudi Arabia, and South Africa. Inflation fell in Argentina but remained above 45% (Table 2).
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