OECD: Food Inflation Slows to 3.4% Across Member Countries in June 2026

Paris — Food inflation across the Organisation for Economic Co-operation and Development (OECD) eased to 3.4% year-on-year in June 2026, marking another sign of moderating price pressures across many advanced economies. The latest figures, released by OECD Statistics, show that while food prices continue to rise in several countries, the overall pace of inflation has slowed compared with previous months.

The data compares food and non-alcoholic beverage prices with the same period a year earlier and highlights significant differences among OECD member countries.

Türkiye Records Highest Food Inflation

According to the OECD data, Türkiye continued to report the highest annual food inflation among member countries, with prices increasing by 35.4% in June 2026. Although the country remains an outlier, the figure reflects a gradual easing compared with the exceptionally high inflation levels recorded in recent years.

Colombia followed with 6.8%, while Chile recorded 4.2%. Iceland and Canada each posted food inflation of 3.9%, remaining above the OECD average.

The OECD-wide average of 3.4% suggests that food price growth is gradually stabilizing after years of elevated inflation driven by supply-chain disruptions, energy costs, and geopolitical uncertainties.

Several Major Economies See Moderate Growth

Among the world’s largest developed economies, food inflation remained relatively contained.

• Japan: 3.6%
• Australia: 3.3%
• Portugal: 3.0%
• New Zealand: 2.7%
• United States: 2.7% (OECD estimate)
• United Kingdom: 1.7%
• France: 0.9%
• Germany: 0.6%

These figures indicate that food price increases have slowed considerably compared with the sharp inflation experienced during 2022–2024.

Some Countries Experience Falling Food Prices

The report also revealed that several OECD economies experienced negative food inflation, meaning average food prices were lower than a year earlier.

Among them:

• Belgium: -0.1%
• Poland: -0.2%
• Netherlands: -0.5%
• Slovak Republic: -0.5%
• Latvia: -0.9%
• Denmark: -0.9%
• Switzerland: -1.2%
• Estonia: -1.5%
• Hungary: -2.4%
• Czechia: -3.4%
• Costa Rica: -3.7%
• Sweden: -6.8%

Sweden recorded the largest annual decline in food prices among OECD members, reflecting easing inflationary pressures and changing market conditions.

Why Food Inflation Is Slowing

Economists attribute the slowdown in food inflation to several factors, including improved agricultural production, easing transportation costs, more stable global energy prices, and stronger supply chains.

Many central banks have also maintained tighter monetary policies over the past two years, helping reduce overall inflation across their economies.

Lower fertilizer prices and improved harvests in several regions have further contributed to stabilizing food markets.

Inflation Remains a Policy Focus

Although food inflation has moderated, policymakers continue to monitor price developments closely. Food costs directly affect household budgets, particularly for lower-income families who spend a larger share of their income on essential goods.

Governments and central banks remain focused on ensuring inflation returns to long-term targets without slowing economic growth excessively.

Outlook

The June 2026 OECD figures suggest that the global food inflation crisis that followed the pandemic and international supply disruptions continues to ease. However, significant differences remain among countries, reflecting varying domestic economic conditions, exchange rates, agricultural output, and fiscal policies.

Analysts say future food prices will continue to depend on weather conditions, global commodity markets, trade policies, and geopolitical developments.

While inflation has generally slowed across much of the OECD, policymakers caution that food markets remain vulnerable to unexpected shocks, making continued monitoring essential in the months ahead.