Paris: Annual inflation in the Organization for Economic Cooperation and Development (OECD) area fell to 4.2% in March, marking its lowest level since July 2021. The decline in inflation from 4.5% in February was reported by the OECD, highlighting that this drop occurred despite an increase in food prices worldwide.

According to Anadolu Agency, annual inflation decreased in 18 of the 38 OECD countries, with Estonia, Hungary, Norway, and Trkiye experiencing the largest declines. Meanwhile, inflation rates rose in seven countries and remained stable or broadly stable in 13 others.

A statement from the OECD noted that year-on-year food inflation in the OECD area rose to 4.8% in March from 4.4% in February. This increase was observed in more than two-thirds of the OECD countries. However, this was counterbalanced by a decline in energy inflation, which fell to 3.0% in March from 3.8% in February, with 28 OECD countries experiencing decreases.

In the Group of Seven (G7) nations, inflation decreased to 2.4% in March from 2.7% in February. In contrast, the eurozone saw its inflation remain broadly stable at 2.2% in March, compared to 2.3% in February. For the Group of Twenty (G20), year-on-year inflation was recorded at 4.2% in March, maintaining a level similar to the 4.3% observed in February.