Year-on-year headline inflation in the OECD as measured by the Consumer Price Index (CPI) declined to 3.9% in November 2025, down from 4.2% in September 2025, the closest month with complete CPI data for all OECD countries (Figures 1 and 2, Table 2).* Over the same period, OECD food inflation and core inflation (inflation less food and energy) decreased by 1.0 and 0.2 percentage points (p.p.) respectively, both reaching 4.0%. By contrast, energy inflation rose to 3.5% from 3.1% in September. From September to November, year-on-year headline inflation also declined in the G7 (‑0.3 p.p.) and G20 (-0.2 p.p.). In the United States, headline inflation fell by 0.3 p.p. over this period, driven by lower core and food inflation despite an increase in energy inflation.
Between October and November 2025, year-on-year headline inflation was stable or broadly stable in 17 of the 37 OECD countries with available October data. It declined in 13 countries and increased in only 7. Headline inflation remained above 30% in Türkiye despite falling by 1.8 p.p. in November, while it remained negative (-0.4%) in Costa Rica. Food inflation fell in 20 OECD countries, rose in 12, and remained stable or broadly stable in 5. By contrast, energy inflation increased in 21 countries, falling in only 12 countries and showing little change in the remaining 4 (Table 1).
Among G7 countries, year-on-year headline inflation remained stable or broadly stable in Canada, France, Germany, Italy, and Japan in November compared with October, while the United Kingdom recorded a second consecutive decline of 0.3 p.p. Food inflation remained broadly stable in France in November but fell in Italy, the United Kingdom, Germany and Japan. Conversely, food inflation in Canada jumped to 4.5%, its highest level since December 2023. Energy inflation increased in Canada, France, Germany, Italy, and Japan. Year-on-year core inflation remained the main contributor to headline inflation in most G7 countries in November, except in Japan where food inflation made a larger contribution (Figure 3, Table 1).
In November 2025, year-on-year inflation remained stable at 2.1% in the euro area. Euro area energy inflation rose but remained negative, while food and core inflation remained stable or broadly stable. In December 2025, according to Eurostat’s flash estimate, year-on-year headline inflation in the euro area remained broadly stable at 2.0%, with a decline in energy inflation to minus 1.9% while core inflation is estimated to have been broadly stable at 2.3%.
Among non-OECD G20 economies, year-on-year headline inflation increased in China and India in November, while it fell in Brazil, Indonesia, and Saudi Arabia. Headline inflation remained stable or broadly stable in Argentina, and South Africa (Table 2).
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