Year-on-year inflation in the OECD, as measured by the Consumer Price Index (CPI), remained broadly stable at 3.4% in February 2026, compared with 3.3% in January (Table 1 and Figures 1 and 2). Headline inflation increased in 13 of the 37 OECD countries with available data and declined in 9, while it remained stable or broadly stable in the remaining 15 OECD countries. 16 OECD countries recorded inflation at 2% or below. Türkiye and Finland recorded the largest increases, by 0.8 percentage points (p.p.) compared with January, while Norway recorded the largest decrease, by 0.9 p.p., driven mainly by a slowdown in energy inflation.
Year-on-year OECD food inflation rose to 4.0% in February, up from 3.7% in January, largely reflecting a 4.7 p.p. increase in Türkiye. Food inflation rose in only eight other OECD countries and declined in about half of those with available data. OECD energy and core inflation (inflation excluding food and energy) remained stable, with a broadly even split of between countries experiencing increases and decreases.
In February, year-on-year headline inflation in the G7 area was stable at 2.1%, increasing in only France and Italy. In Italy, the rise was fuelled by an acceleration in services inflation, whereas in France, core inflation increased. In Canada, a base effect related to the end of a temporary tax reduction in February 2025 contributed to the decline in inflation. Headline inflation slightly declined in Germany and Japan, while in the United Kingdom and the United States, the only G7 countries with inflation above 2%, it remained stable. Core inflation continued to be the main driver of headline inflation across all G7 countries (Figure 3).
In the euro area, year-on-year headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), rose to 1.9% in February, up from 1.7% in January. Growth in energy and core inflation more than offset the decline in food inflation. According to Eurostat’s flash estimate, euro area inflation is expected to rise further to 2.5% in March 2026, its highest level since January 2025. This acceleration is driven mainly by energy prices, with energy inflation rising to 4.9% from minus 3.1% in February. Core inflation is estimated to have remained broadly stable.
In the G20, year-on-year headline inflation increased to 3.7% in February, from 3.4% in January, the first increase since May 2024. Headline inflation in China rose by 1.3%, breaking 1% for the first time since February 2023, boosted by the Lunar New Year holiday. In Indonesia, headline inflation rose by more than 1 p.p. in February, while in India it increased for the fourth consecutive month. Argentina also recorded an increase in inflation, while inflation in Brazil and South Africa decreased and inflation remained broadly stable in Saudi Arabia (Table 2).
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- Next release: 6 May 2026
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