The inflation Year after year in December in the organization of most developed countries, which OECD, It fell to 9.4%, below the peak of 10.8% reached in October; And the lowest level since April 2022. Overall, 25 of the organization’s 38 countries saw declines in the consumer price index (CPI) from November to December.
These include Spain, where the value fell from 6.8% in November to 5.7% in December, making it one of the lowest values ​​in the OECD, although with a strong stimulus from food. Switzerland (2.8%), Japan (4%), South Korea (5%), Israel (5.3%) and Luxembourg (5.4%)) were the only countries in this organization that ranked behind Spain.
The problem changes when it comes to the annual average inflation, At 8.4%, Spain is on the same level as the average of the euro countries, although below that of the OECD (9.6%). Several Community partners achieved a lower average, for example Germany (7.9%), France (5.2%), Portugal (7.8%), Finland (7.1%), Ireland (7.8%), Luxembourg ( 6.3%) or Italy (8.2%). ).
In 15 OECD countries double-digit inflation with the highest inflation rates in the year Hungary, Latvia, Lithuania and Türkiye (all over 20%). OECD inflation was more than twice as high in 2022 as in 2021 (9.6% versus 4.0%). the highest annual average since 1988.
After the maximum observed in June 2022, inflation is connected Energy products continued to decline sharply in most countries, falling from 23.8% in November to 18.4% in December, the lowest level since August 2021. Groceries and that which excludes unprocessed foods and energy (underlying) fell to 15.6% and 7.2%, respectively. In Spain these two variables were 15.7% and 7%.
Richest countries
In December, inflation fell in all G7 countries, the world’s richest, except Japan. The sharpest decline was observed Germany as consequence a one-off subsidy on the gas bill. Food and energy inflation remained the main driver of headline inflation in France, Germany, Italy and Japan, while non-food and energy inflation was the main driver in Canada, the United Kingdom and the United States.
In the the Eurozone Year-on-year inflation, as measured by the Harmonized Index of Consumer Prices (HICP), fell to 9.2% in December, compared to 10.1% in November. Energy inflation continued to decline, while non-food and energy inflation continued to rise in December. Eurostat’s preliminary estimate for January 2023 suggests a further fall in year-on-year inflation in the Eurozone to 8.5%, with a significant decline in energy inflation and stable inflation excluding food and energy.
In the G-20 countries, annual inflation fell to 8.5% in December, compared to 9.0% in November. Outside the OECD, annual inflation fell in Brazil and South Africa but rose in Argentina, China, India, Indonesia and Saudi Arabia.
