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As energy prices declined, inflation eased in November, according to new data from the Organization for Economic Cooperation and Development (OECD).

The annual inflation rate for the OECD area fell to 10.3% in November from 10.7% in October, the Paris-based group reported.

The easing in price pressures came as energy inflation continued to drop, with the annual rate for the OECD falling to its lowest rate since September 2021 — as energy inflation dropped to 23.9% in November from 28.1% in October.

At the same time, food inflation was stable at 16.1%, the OECD reported.

Core inflation (excluding food and energy) declined marginally to 7.5% in November, it noted.

For the G7, annual inflation also dipped in November, sliding to 7.4% from 7.8% the previous month.

In particular, inflation dropped in the U.S., the U.K. and Germany, the OECD reported, while remaining little changed in the rest of the G7.

Core inflation (excluding food and energy) was the main driver of inflation in Canada, the U.S. and the U.K., it noted.