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For the first time in its history G20 Members have agreed a comprehensive stand-alone Tax Declaration, reflecting the transformational achievements of international tax cooperation to date, the importance of that cooperation and its commitment to continue to carry it forward.
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OECD headline inflation falls to 5.6% in June 2024
Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) declined in June 2024, to 5.6% from 5.9% in May. This is the lowest level since October 2021, although a similar rate was already approached several times since the beginning of 2024, at 5.7%.
In G7 countries, year-on-year headline inflation fell to 2.7% in June from 2.9% in May, reaching its lowest level since March 2021. Headline inflation declined by 0.2 percentage points or more in the United States, Canada and Germany and was broadly stable in the remaining G7 countries.
Year-on-year, energy prices continued to decline in G7 countries as a whole but have been increasing in Japan, France and, to a lesser extent Canada. Energy prices kept falling (by more than 8.0%) in the United Kingdom and Italy. Food inflation stood below 2.0% for the fourth consecutive month. Core inflation was the main contributor to headline inflation in all G7 countries except for Japan, where it was broadly equal to the combined contribution of food and energy prices.
Publications
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Working paper9 August 2024
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2 August 2024
Featured topics
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Artificial intelligence (AI) is a transformative technology capable of tasks that typically require human-like intelligence, such as understanding language, recognising patterns, and making decisions. AI holds the potential to address complex challenges from enhancing education and improving health care, to driving scientific innovation and climate action. But AI systems also pose risks to privacy, safety, security, and human autonomy. Effective governance is essential to ensure AI development and deployment are safe, secure and trustworthy, with policies and regulation that foster innovation and competition.Learn more
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Analysis and insights for driving a rapid transition to net-zero while building resilience to physical climate impacts.Learn more
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The OECD designs international standards and guidelines for development co-operation, based on best practices, and monitors their implementation by its members. It works closely with member and partner countries, and other stakeholders (such as the United Nations and other multilateral entities) to help them implement their development commitments. It also invites developing country governments to take an active part in policy dialogue.Learn more
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Despite progress in recent years, more work needs to be done across all OECD countries to secure gender equality, with women and girls still facing inappropriate disadvantages and barriers in most spheres of social and economic life. Gender equality must remain a priority, as a matter of basic human rights and long-term economic wellbeing and prosperity. It drives economic growth, strengthens democracy, enhances social cohesion and increases the well-being of all members of society.Learn more
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About 70% of international trade involves global value chains (GVCs), as services, raw materials, parts, and components cross borders – often numerous times. A strong trend has emerged towards the international dispersion of value chain activities such as design, production, marketing, distribution, etc. This emergence of GVCs and increased interest in their sustainability and resilience requires analysing supply chains as a whole and developing policies around them.Learn more
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In today’s globalised world, it is crucial that tax administrations work together to ensure the right amount of tax is paid to the right jurisdiction. The OECD is at the forefront of international efforts to use enhanced transparency and exchange of information to put an end to bank secrecy and fight tax evasion and avoidance.Learn more
Latest insights
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14 August 2024
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14 August 2024
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oecdcogito.blog9 August 2024
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External blogoecdstatistics.blog30 July 2024