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Year-on-year inflation across the OECD held broadly steady at 3.4% in February 2026, compared with 3.3% in January, as gains in some countries were offset by declines in others.
Of the 37 OECD nations reporting, 13 saw inflation rise, 9 experienced falls, and 15 remained stable, with 16 countries recording rates of 2% or below.
Türkiye and Finland registered the largest monthly jumps, up 0.8 percentage points, while Norway saw the sharpest decline, 0.9 points, driven by slower energy inflation.
Food inflation across the OECD rose to 4.0% from 3.7%, largely reflecting a 4.7-point surge in Türkiye, while energy and core inflation remained broadly stable.
In the G7, headline inflation remained stable at 2.1%, with only France and Italy seeing increases. In Italy, services inflation was the main driver; in France, core inflation rose.
Inflation was stable in the UK and US, slightly down in Germany and Japan, and influenced by tax base effects in Canada.
In the euro area, Harmonised Index of Consumer Prices (HICP) inflation rose to 1.9% in February, with Eurostat forecasts suggesting a jump to 2.5% in March, driven mainly by energy prices climbing to 4.9%.
Among the G20, headline inflation increased to 3.7%, the first rise since May 2024. Notably, China’s inflation broke 1% for the first time since February 2023, while Indonesia, India, and Argentina also saw increases. Brazil, South Africa, and Saudi Arabia recorded stability or declines.
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