Between September and October 2025, year-on-year headline inflation measured by the Consumer Price Index (CPI) was stable or broadly stable in 14 of the 37 OECD countries with available data (Table 1 and Figure 1). Headline inflation declined in 13 countries and rose in the remaining 10 countries. Inflation figures for the OECD, G20, and G7 areas could not be compiled for October 2025 due to incomplete reporting of CPI statistics.*
In October, year-on-year food inflation declined by an average of 0.9 percentage points (p.p.) across the 20 OECD countries which experienced a fall. Another 11 countries recorded a rise, while food inflation remained stable or broadly stable in the remaining 6 countries. The picture was also mixed for energy inflation, with 20 recording a decline, 14 a rise, and 3 remaining stable or broadly stable. However, in several countries, the drop in energy inflation came after a rise in September 2025, which reflected a base effect from a significant reduction in energy prices between August and September 2024. Core inflation (inflation less food and energy) decreased in 11 countries, increased in 11 and remained stable or broadly stable in 15 countries.
Four G7 countries – Canada, France, Italy, and the United Kingdom – registered a year-on-year decline in headline inflation, while it remained broadly stable in Germany and Japan. Food inflation decreased in five G7 countries, including a fall of more than one p.p. in Italy, but rose in the United Kingdom. Core inflation in the United Kingdom continued to decline, reaching its lowest level since November 2021 (Figure 2). Year-on-year core inflation remained the main contributor to headline inflation in most G7 countries – except in Japan, where food inflation had a larger contribution (Figure 3).
In the euro area, year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) remained broadly stable in October at 2.1% after 2.2% in September. Food inflation showed a pronounced decline (by 0.6 p.p.), falling to its lowest level since February. Year-on-year energy inflation declined in October, while core inflation has remained broadly stable since May (Figure 4). Eurostat’s flash estimate indicates that euro area year-on-year headline inflation remained broadly stable at 2.2% in November 2025. Energy inflation increased but remained negative, while core inflation is estimated to have remained stable.
Among non-OECD G20 economies, year-on-year inflation turned positive (0.2%) in China for the first time since June. Inflation also increased in Indonesia, reaching its highest level since April 2024. Headline inflation declined in Argentina (where it remained above 30%), Brazil, and India, while it remained broadly stable in Saudi Arabia and South Africa (Table 2).
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