OECD, inflation down slightly in January with moderation in energy prices

OECD inflation down slightly in January with moderation in energy

(Tiper Stock Exchange) – Inflation on an annual basis in the OECD area And dropped slightly to 9.2% in January 2023, down from 9.4% in December 2022. Falls in inflation between December 2022 and January 2023 were recorded in half of OECD countries, compared with two-thirds between November and December 2022, a statement said. The highest inflation rates were recorded in Hungary, Latvia, Lithuania and Turkey (all remaining above 20%).

After the peak observed in June 2022, energy inflation continued to decline in the OECD, albeit at a slower pace than in the previous month. It reached 16.4% in January 2023, the lowest level since March 2021, down from 18.2% in December 2022.

Food inflation in the OECD it fell to 15.2%, from 15.6% in December 2022, while inflation excluding food and energy remained stable.

As for the countries of the G7, inflation remained broadly stable in January. It increased in Germany, Japan and, to a lesser extent, France, while it remained broadly stable in the United States. Italy recorded a marked decline, while Canada and the United Kingdom recorded significant but less substantial declines.

In the’eurozone, inflation measured by the harmonized index of consumer prices (HICP) fell to 8.7% in January, from 9.2% in December. Energy inflation continued to decline, while food inflation and inflation excluding food and energy increased slightly.