Rising energy prices push OECD headline inflation to 4.4% in April 2026

Paris: Year-on-year inflation in the OECD, as measured by the Consumer Price Index (CPI), rose to 4.4% in April 2026, up from 4.0% in March. Headline inflation increased in 23 OECD countries, with the largest rises - of 1.0 percentage point (p.p.) or more - in Belgium, Chile, Greece, Italy, and Türkiye. By contrast, inflation remained broadly stable in six OECD countries and declined in nine, with the largest fall (0.6 p.p.) in Sweden, where falling food prices more than offset the surge in energy prices. Year-on-year OECD energy inflation continued to surge in April, reaching 13.2%, up 5.1 p.p. from March. OECD food inflation also increased, by 0.4 p.p. to 4.0%, while core inflation (inflation excluding food and energy) remained broadly stable at 3.6%. Most OECD countries - 31 out of 37 with available data - recorded an increase in energy inflation. Despite an increase, inflation remained negative in Colombia, Costa Rica, Denmark, Iceland, and Japan. In April, year-on-year headline inflation in the G7 increased to 3.2%, up from 2.8% in March. Among G7 countries, headline inflation was highest in the United States at 3.8%, its highest level since May 2023. Inflation in Canada, France, Germany and Italy also rose to levels last seen in 2023 or 2024. By contrast, in the United Kingdom, core inflation fell to 2.8% - its lowest level since September 2021 - contributing to a decline in overall inflation. Year-on-year energy inflation in the G7 reached 13.6%, with double-digit energy inflation rates recorded in Canada (partly due to a base effect from the removal of the consumer carbon price on 1 April 2025), France, Germany, and the United States. Nevertheless, core inflation remained the main contributor to headline inflation in the three G7 countries with the highest inflation rates - Germany, the United Kingdom and the United States. In the euro area, year-on-year headline inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose further to 3.1% in April, up from 2.6% in March. Energy inflation jumped to 10.8%, its highest level since February 2023, while core and food inflation remained broadly stable at 2.2%. Eurostat's flash estimate indicates that headline and energy inflation in the euro area remained broadly stable at 3.2% and 10.9%, respectively, in May 2026, while core inflation is estimated to have risen to 2.5%. In the G20, year-on-year headline inflation increased to 4.3% in April, up from 4.0% in March. Headline inflation increased in Brazil, China, India and South Africa. It fell in Indonesia (by 1.1 p.p.), and, to a lesser extent, in Argentina, while it remained broadly stable in Saudi Arabia.