OECD inflation in April drops to 15-month low

ANKARA

Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area slipped to a 15-month low in April thanks to easing food and energy costs, according to data released on Tuesday.

Consumer prices rose 7.4% year-on-year this February, the slowest pace since January 2022, data from the Paris-based organization showed.

Falling for the sixth consecutive month, April's figure slowed from a 7.7% rise in March.

Compared to the prior month, annual inflation dropped in 27 of the 38 OECD countries.

Food prices rose 12.1% annually in April, cooling from 14% in March. Energy inflation in the OECD dropped to 0.7% in April, down from 1.3% in March.

Core annual inflation, excluding food and energy, increased slightly to 7.1% in April.

On the Group of Seven (G-7) side, annual inflation was stable at 5.4% in April, with the UK posting the largest decline thanks to a sharp drop in energy inflation.

Italy saw the largest rise in headline inflation, largely driven by climbing energy inflation and partially by food inflation.

Annual inflation in the euro area gained slightly from 6.9% to 7% over the same period, as the rise in energy inflation more than offset the fall in food inflation.

In Group of 20 (G-20) nations, consumer price rises eased to 6.5% year-on-year in April, from March's 6.9% increase.