The decline in inflation in OECD countries continues. In May 2025, the annual rate measured by the Consumer Price Index (CPI) stood at 4%, down from 4.2% in April. This is the lowest level since June 2021 and a decrease of 6.7 percentage points from the peak recorded in October 2022. However, prices remain 33.7% higher than in December 2019. In G7 detail, the inflation rate remained stable at 2.4% for the third consecutive month, with the trend largely unchanged in almost all member countries. The exception was Italy, where there was a slowdown in price growth, mainly attributable to a slowdown in core inflation (net of food and energy), which fell by 0.3 percentage points, and a drop in energy prices. In the euro area as a whole, inflation as measured by the harmonized index fell to 1.9% in May from 2.2% in April. Here, too, the slowdown was driven by a sharp decline in services inflation (-0.8 points) and the core component, which fell to 2.3%, the lowest since January 2022.