World News | OECD inflation to fall to 7.7% in March 2023 as energy inflation continues to fall

Paris [France]May 6 (ANI/WAM): OECD year-on-year inflation, as measured by the Consumer Price Index (CPI), fell to 7.7% in March 2023 from 8.8% in February 2023 and 10.7% in March 2023. peak in October 2022.

Returning to February 2022 levels, the fall in inflation was broad-based, with inflation moderating between February and March 2023 in 34 of the 38 OECD countries.

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On the low end, inflation in Japan, Luxembourg, Spain and Switzerland is below 4%, while Hungary and Turkey are still above 20%.

OECD energy inflation fell sharply from 11.9% in February to 1.3% in March 2023. This decline largely reflects a strong increase in the CPI for energy in March 2022 (i.e. base effects).

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Energy inflation fell in 36 of the 38 OECD countries, with 13 even showing negative growth. However, this story is not widespread, with energy inflation still above 20% in six countries.

Meanwhile, the OECD’s food inflation rate fell for the fourth straight month to 14.0% from 14.9% in February. OECD inflation minus food and energy was roughly steady at 7.2%.

Year-on-year inflation in the G7 eased further from 6.4% in February to 5.4% in March 2023, with inflation generally falling across all seven countries. Italy saw the sharpest drop, reflecting a sharp drop in energy inflation.

In Canada, Japan and the United States, negative contributions from energy prices helped to keep headline inflation in check.

Food and energy inflation remained the main contributor to headline inflation in Italy, while inflation excluding food and energy was the main driver in Canada, Germany, the UK and the US. In France and Japan, the two components contribute almost equally to headline inflation.

In the euro area, year-on-year inflation, as measured by the Harmonized Index of Consumer Prices (HICP), fell to 6.9% in March 2023 from 8.5% in February.

Energy prices fell 0.9 percent in March. Food bloating and bloating and eating less can increase slightly.

Eurostat’s preliminary estimates for April 2023 point to a slight increase in year-on-year inflation in the euro area, to 7.0%, as an estimated increase in energy inflation is partly offset by a slight decrease in inflation excluding food and energy.

Across the G20, year-on-year inflation fell to 6.9% in March 2023 from 8.0% in February. Outside the OECD, inflation fell in Brazil, China, India, Indonesia and Saudi Arabia, but rose in Argentina. It is roughly stable in South Africa. (ANI/WAM)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)