Closeup of woman hand holding a fuel pump at a station.
Siam Pukkato/123RF

Inflation continued to ease in December, according to new data from the Organization for Economic Cooperation and Development (OECD).

The Paris-based group reported that the Consumer Price Index (CPI) came in at 9.4% in December, down from 10.8% in October, its recent peak. The annual inflation rate fell to its lowest level since April 2022, it noted.

The decline in price pressures was driven by an ongoing drop in energy inflation in most OECD countries. Energy inflation slowed to 18.4% in December from 23.8% in November.

Additionally, food inflation and core inflation (prices excluding food and energy) both dropped in December, the OECD said.

For the G7, inflation was down in every country except for Japan, and declines were recorded in 25 of 38 OECD countries.

In Europe, annual inflation was down to 9.2% in December from 10.1% in November — again, led by slowing energy inflation.