Page 7 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Global Inflation

According to OECD, year-on-year headline inflation in the OECD, as measured by the Consumer Price Index
(CPI), remained broadly stable at 4.2% in September 2025, compared with 4.1% in August. In September,
it rose in 17 of the 38 OECD countries, declined in 7, and was stable or broadly stable in the remaining 14.
Headline inflation in September was at or below 2.0% in 7 OECD countries.

Year-on-year energy inflation in the OECD rose sharply to 3.1% in September, from 0.8% in August. While
recent month-on-month changes have remained subdued, this year-on-year rise reflects a base effect
from a significant drop in energy prices between August and September 2024. The increase was
widespread, with 34 OECD countries recording higher year-on-year energy inflation in September.

Figure 2: Consumer prices: All items and all items less food and energy; OECD, y-o-y inflation rate

Source- OECD

In the G7, year-on-year headline inflation remained broadly stable at 2.8% in September, compared with
2.7% in August. The largest rise in headline inflation, by 0.5 percentage points was observed in Canada.
Increases were also registered in France, Germany, and Japan.

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