"Year-on-year headline inflation in the OECD, as measured by the Consumer Price Index (CPI), remained broadly stable at 4.2% in September 2025, compared with 4.1% in August. In September, it rose in 17 of the 38 OECD countries, declined in 7, and was stable or broadly stable in the remaining 14. Headline inflation in September was at or below 2.0% in 7 OECD countries."
"Year-on-year energy inflation in the OECD rose sharply to 3.1% in September, from 0.8% in August. While recent month-on-month changes have remained subdued, this year-on-year rise reflects a base effect from a significant drop in energy prices between August and September 2024. The increase was widespread, with 34 OECD countries recording higher year-on-year energy inflation in September. In nine of these, energy prices were still lower than a year earlier but declined at a slower pace than in the 12 months to August."
"In the G7, year-on-year headline inflation remained broadly stable at 2.8% in September, compared with 2.7% in August. The largest rise in headline inflation, by 0.5 percentage points (p.p.), was observed in Canada. Increases were also registered in France, Germany, and Japan. Energy inflation in the G7 rose markedly, turning positive for the first time since January. Food inflation remained broadly stable in the G7 as a whole but increased in Canada to its highest level (3.9%) since December 2023."
Year-on-year headline inflation in the OECD was 4.2% in September 2025, compared with 4.1% in August. Inflation rose in 17 of 38 OECD countries, declined in 7, and was stable or broadly stable in 14, with seven countries at or below 2.0%. Year-on-year energy inflation rose sharply to 3.1% in September from 0.8% in August, reflecting a base effect after a significant drop between August and September 2024; 34 OECD countries recorded higher year-on-year energy inflation. Food inflation held at 5.0% and core inflation eased to 4.2%. In the G7, headline inflation was 2.8%, with Canada's headline rising by 0.5 percentage points and food inflation in Canada reaching 3.9%.
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