Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) rose to 4.6% in May 2026, up from 4.4% in April (Table 1, Figures 1 and 2). Headline inflation increased in 16 OECD countries, declined in 8, and was stable or broadly stable in 14. It remained above 5% in Colombia, Greece, Iceland and Lithuania, and exceeded 30% in Türkiye.
Energy inflation in the OECD continued to rise in May, reaching 15.8% year-on-year, up from 13.2% in April. Among the 37 OECD countries with available data, energy inflation increased in 26 and declined in 11. Canada, Lithuania, Türkiye, and the United States recorded energy inflation above 20%. By contrast, Costa Rica, Denmark, Iceland, Japan, and Norway recorded negative energy inflation. Food inflation in the OECD dropped by 0.4 percentage points (p.p.) to 3.6%, falling in the large majority of OECD countries. Meanwhile, core inflation (inflation excluding food and energy), rose by 0.2 p.p. to 3.8% (Table 2).
In the G7, year-on-year headline inflation increased by 0.3 p.p. in May to 3.5%. The rise was driven by a renewed acceleration in energy inflation to 17%, its highest level since November 2022. Headline inflation rose in Canada, France, Italy, and the United States. By contrast, headline inflation in Germany fell after two consecutive monthly increases, reflecting mostly the implementation of a fuel subsidy programme and a resulting fall in energy inflation. Japan continued to record the lowest inflation rate among G7 countries at 1.5%, as government subsidies on fuel and utilities continued to dampen energy inflation. Core inflation remained the main contributor to headline inflation in Germany, the United Kingdom, and the United States, while the combined contribution of food and energy prices drove headline inflation in Canada, France, and Italy. In Japan, the contribution of core inflation was broadly equal to that of food and energy combined (Figure 3).
In the euro area, year-on-year headline inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 3.2% in May, up from 3.0% in April. Core inflation increased by 0.4 p.p. to 2.6%, but this rise was partially offset by a decline in food inflation which fell to 1.6%, its lowest level since January 2025. Energy inflation in the euro area was broadly stable, at 10.9% in May. Eurostat’s flash estimate points to a decline in euro area headline inflation in June 2026 to 2.8%, with fall in both energy inflation and core inflation.
In the G20, year-on-year headline inflation increased to 4.5% in May, up from 4.3% in April. Headline inflation remained broadly stable in China and Saudi Arabia. It increased in South Africa, reaching its highest level since August 2024 at 4.4%, as well as in Argentina, Brazil, India and Indonesia (Table 2).
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- Next release: 4 August 2026
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