OECD annual inflation slowed to 3.3% in January, against 3.6 in December, but prices are almost 36% above pre-covid-19 levels, the organization announced this Thursday, March 11.
In a statement, the Organization for Economic Co-operation and Development (OECD) states that inflation decreased in 22 of the 35 OECD countries with available data, remained stable or broadly stable in eight, and increased in only five.
Compared to December 2025, the number of OECD countries with inflation of 2% or less has risen from nine to 15.
However, the organization highlights that, despite the recent slowdown in inflation, average price levels across the OECD were 35.6% higher in January 2026 than in December 2019, before the start of the Covid-19 pandemic.
OECD energy inflation fell by 2.1 percentage points in January 2026 to minus 0.6%, which is the first negative figure since May 2025.
Food inflation also decreased, by 0.2 percentage points.
The organization highlights that, despite these falls in January, energy and food price levels have increased by 40.8% and 47.5%, respectively, since December 2019.
When it comes to underlying inflation (which excludes food and energy prices) the OECD says it remained broadly stable in January.
In January, G7 annual inflation fell to 2.1%, compared to 2.4% in December 2025.
France recorded the lowest annual inflation in the G7, at 0.3%, a drop of 0.5 percentage points compared to December, due to declines in energy inflation and underlying inflation.
Inflation in Japan fell below 2% in January for the first time since March 2022 and in the United States inflation also decreased, reaching 2.4%.
In contrast, Germany recorded an increase, from 1.8% to 2.1%.
Underlying inflation was the main driver of inflation in the G7 countries, especially the United Kingdom, which remains the only one with overall inflation above 3% despite a fall of 0.4 percentage points.
In the euro zone, annual inflation measured by the Harmonized Index of Consumer Prices (HICP) fell further, to 1.7% in January, against 2.0% in December.
While energy inflation has continued to decline, food inflation and underlying inflation have remained broadly stable.
Eurostat’s preliminary estimate for February points to a rise in eurozone inflation to 1.9%, driven by increases in underlying and energy inflation.
In the G20, annual inflation fell to 3.4% in January, against 3.6% in December.
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