Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) rose to 4.0% in March 2026 from 3.4% in February, driven by an 8.6 percentage-point (p.p.) increase in energy inflation (Table 1 and Figures 1 and 2). Headline inflation increased in most OECD countries (33 out of 37 with available monthly data), remained broadly stable in two, and declined in Slovenia and Türkiye. Year-on-year OECD energy inflation reached 8.1% in March, its highest level since February 2023. It increased in most OECD countries (32 of the 35 with available data), with seven countries recording double-digit energy inflation. It remained broadly stable in Colombia, and fell only in Costa Rica and Slovenia. OECD food inflation declined, with decreases recorded in two-thirds of OECD countries. Core inflation (inflation excluding food and energy) remained broadly stable.
Energy inflation surpassed 7.0% in France and Germany and reached 12.5% in the United States. Despite increases, energy inflation remained negative in Japan, where government subsidies were in effect, as was the case in Italy. While the contribution of energy prices to headline inflation increased in all G7 countries, core inflation remained the main driver of headline inflation across the G7.
In the euro area, year-on-year headline inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 2.6% in March, up from 1.9% in February, reaching its highest level since July 2024. Energy inflation rose sharply to 5.1%, its first positive reading since February 2025.
By contrast, food inflation fell to 2.2%, its lowest rate since February 2025, while core inflation remained broadly stable at 2.3%. Eurostat’s flash estimate points to a further increase in euro area headline inflation in April, to 3.0%, largely driven by a sharp rise in energy inflation, to 10.9%, while core inflation is estimated to have remained broadly stable at 2.2%.
In the G20, year-on-year headline inflation increased to 4.0% in March, up from 3.7% in February.
It fell by 1.3 p.p. in Indonesia after three consecutive months of growth, and declined in Argentina and China, though to a lesser extent. Inflation increased in Brazil and India, while it remained broadly stable in Saudi Arabia and South Africa
Source: OECD
