The annual consumer price index (CPI) rate of inflation rose by 2.7% during March, down from 2.8% for the year to February.
The decline was largely helped by food and energy inflation slowing from 3.8% and 7.9% in February to 3.5% and 6.5%.
Excluding food and energy, the annual inflation rate was stable at 1.9% in March, according to an OECD statement.
Inflation only accelerated in four OECD member states: China, Indonesia, Japan and the UK. Consumer prices in the UK increased from 3.4% to 3.5%, representing the smallest increase among the four.
Inflation came down in Brazil, Canada, Germany, South Africa and the US. France, Italy and the Russian Federation all saw no change in annual inflation in March. Eurozone annual inflation also remained stable at 2.7% in March.