Deniz Kılınç / Istanbul, July 5 (HNA) – Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) rose to 9.6 percent in May 2022, compared with 9.2 percent in April 2022, largely driven by food and energy prices, representing the sharpest price increase since August 1988.
“Year-on-year inflation increased in all countries except Colombia, Japan, Luxembourg and the Netherlands. Ten OECD countries recorded double-digit inflation, with the highest rates recorded in Turkey, Estonia and Lithuania” read the OECD press release. Consumer prices in Turkey rose by 4.95 percent in June and 42.35 percent in the first six months of the year, leading the annual consumer inflation to 78.62 percent.
Food price inflation in the OECD continued to surge, reaching 12.6 percent in May 2022 compared with 11.5 percent in April. Energy price inflation jumped to 35.4 percent year-on-year in May 2022, up from 32.9 percent in April. Excluding food and energy, year-on-year inflation increased to 6.4 percent in May 2022, compared with 6.2 percent in April 2022.
The G7 area saw an increase in year-on-year inflation in May, reaching 7.5 percent, compared with 7.1 percent in April. It increased in all G7 countries, except Japan where it was stable (at 2.5 percent), with the strongest rises between April and May 2022 recorded in Canada and Italy.
Energy prices were the main contributor to inflation in France, Germany, Italy and Japan in May, while inflation excluding food and energy continued to drive inflation in Canada, the United Kingdom and the United States.
In the euro area, headline year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 8.1 percent in May 2022, compared with 7.4 percent in April. Excluding food and energy, it increased to 3.8 percent in May, compared with 3.5 percent in April.
Eurostat’s flash estimate for the euro area in June 2022 points to a further increase in year-on-year inflation (to 8.6 percent ), while inflation excluding food and energy decreased slightly (to 3.7 percent ). Marked increases were observed in France and Italy, while inflation is estimated to have slowed down in Germany.
