Data from the Organisation for Economic Co-operation and Development showed inflation fell to 2.8 per cent in the year to January across its 34 member countries.
That represents a small decline from the 2.9 per cent seen in the year to December, and continues the steady decline from the 3.3 per cent peak in September.
Energy prices rose 7.4 per cent, slowing from 8.1 per cent in the year to December, and food price inflation slowed from 4.5 per cent to 4.3 per cent.
The highest rate of consumer inflation came in Turkey at 10.6 per cent, followed by Iceland at 6.5 per cent, while the lowest rates were Japan’s 0.1 per cent and Switzerland’s deflation at 0.8 per cent.
The UK’s 3.6 per cent remains the highest among the seven major western economies in the group, though it is well down on the 5.2 per cent experienced in the year to September.
Among the major merging economies, South Africa’s inflation is highest at 6.4 per cent, followed by Brazil’s 6.2 per cent and India’s 5.3 per cent.