Inflation edged lower in January, as energy prices continued to ease, according to new data from the OECD.

The annual inflation rate declined from 9.4% at the end of last year to 9.2% in January.

The dip came as “energy inflation continued to fall in the OECD,” the group noted, as the annual rate for energy inflation came in at 16.4% in January, down from 18.2% in the previous month.

“The fall in energy inflation stemmed partly from shifting policy in the Netherlands (introduction of a price cap on energy) and Italy (decrease of regulated energy products prices),” it said, while base effects played a role too (energy prices had been up sharply in January 2022).

Alongside the easing in energy prices, food inflation slipped to 15.2% from 15.6% in December, and core inflation (excluding food and energy) was stable, the OECD also reported.

For the G7 and the G20, inflation was also generally flat in January, with annual rates declining in Italy, Canada and the U.K., and remaining stable in the U.S., while edging higher in Germany, Japan and France.

For the euro area overall, annual consumer inflation eased to 8.7% in January from 9.2% in December 2022.