OECD annual inflation continues to decline, reaching its lowest level since October 2021

Consumer prices rose 5.4% year on year, the weakest rate in over two years.

Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) region fell for the third month in a row in November 2023, according to the international organization on Thursday.

According to the OECD, consumer prices grew 5.6% year on year in November 2023, the slowest rate since October 2021.

In the OECD, core inflation, excluding food and energy, fell from 6.5% in October to 6.3% in November, the lowest level since April 2022.

Food inflation in the OECD fell to 6.7% in November, from 7.4% in October.

The cost of energy in the OECD region declined for the seventh month in a row, falling 5.1% in November 2023.

Belgium, the Netherlands, Italy, and Denmark saw the highest annual drops in energy prices, with more than 20%.

In the Czech Republic and Colombia, however, energy inflation has surpassed 20% year on year.

Annual inflation in the Group of 20 remained relatively constant in November at 5.8%, while it dipped to 3.1% in the Group of Seven.