CdM | Year-on-year headline inflation in the OECD, as measured by the Consumer Price Index (CPI), fell to 3.9% in November 2025, from 4.2% in September 2025, the closest month with complete CPI data for all OECD countries.
Food inflation and core inflation (inflation excluding food and energy) in the OECD fell by 1 and 0.2 percentage points respectively, both reaching 4%. In contrast, energy inflation rose to 3.5% from 3.1% in September.
Between October and November, year-on-year headline inflation remained stable or virtually stable in 17 of the 37 OECD countries with October data available. It declined in 13 countries and increased in only seven. Headline inflation remained above 30% in Turkey, despite falling by 1.8 percentage points in November, while it remained negative (0.4%) in Costa Rica.
Food inflation fell in 20 OECD countries, rose in 12 and remained stable or virtually stable in five. In contrast, energy inflation rose in 21 countries, falling in only 12 and showing little change in the remaining four.
