OECD inflation hits 4.4% in April, driven by energy costs

Inflation across the Organization for Cooperation and Development (OECD) nations climbed to 4.4% in April 2026, a notable increase from March's 4%. This uptick is primarily fueled by a significant surge in energy prices, according to the organization's report.

The general inflation rate accelerated in 23 member countries. Belgium, Chile, Greece, Italy, and Turkey experienced the most substantial hikes, with increases of a percentage point or more. Conversely, inflation remained relatively stable in six nations and decreased in nine, with Sweden showing a notable drop in food prices that offset rising energy costs.

OECD energy inflation continued its upward trend, reaching 13.2% in April, a 5.1 percentage point jump from the previous month. Food inflation saw a rise to 4.0%, while core inflation, excluding food and energy, held steady at 3.6%. Despite the overall increase, energy prices remained negative in Colombia, Costa Rica, Denmark, Iceland, and Japan.

Within the G7 economies, annual inflation rose to 3.2% from 2.8% in March. The United States recorded the highest rate at 3.8%, its peak since May 2023. Canada, France, Germany, and Italy also saw inflation levels not observed since 2023 or 2024. In contrast, the United Kingdom's core inflation fell to 2.8%, its lowest since September 2021, contributing to a moderation of its overall inflation rate.