Inflation marched higher in May: OECD

Global inflation surged once again in May, according to new data from the Organization for Economic Cooperation and Development (OECD).

The Paris-based group reported that annual inflation for the OECD area rose to 9.6% in May, up from 9.2% in April — marking the sharpest price rise since 1988.

The latest increase was “largely driven by food and energy prices,” it noted.

Energy prices were up 35.4% in May, an increase from 32.9% in April, the OECD noted. And food price inflation was up to 12.6% from 11.5% the previous month.

Excluding food and energy, annual inflation rose to 6.4% in May, up from 6.2% in April, the OECD said.

Among the G7 countries, inflation rose the most in Canada and Italy, the OECD reported, with Japan as the only country where inflation remained stable (at 2.5%).

Ten OECD countries recorded double-digit inflation in May, led by Turkey, Estonia and Lithuania.

Staff

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