Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) declined from 6.0% in December 2023 to 5.7% in January 2024 (Figures 1 and 2). Headline inflation fell in two-thirds of OECD countries, with the largest decreases (more than one percentage point) recorded in Czechia, Slovak Republic, Hungary, Austria, and Iceland. Inflation stood below 3% (or was negative) in 14 OECD countries in January 2024, compared to 11 countries in December 2023. Inflation less food and energy (core inflation) in the OECD was broadly stable, reaching 6.6% in January 2024 compared to 6.7% in December 2023, and it ... (full story)