OECD annual inflation hits 34-year high

ISTANBUL

Annual inflation in the Organization of Economic Cooperation and Development (OECD) region reached 9.6% in May, the highest since August 1988.

According to an OECD statement on Tuesday, the inflation rate was up from 9.2% in April.

Energy prices soared by 35.4% in May on an annual basis in the OECD region, while food prices were up by 12.6%.

Excluding food and energy, annual inflation increased to 6.4% in May in the region.

In May, annual inflation increased in almost all countries, excluding Colombia, Japan, Luxembourg and the Netherlands.

"Ten OECD countries recorded double-digit inflation, with the highest rates recorded in Türkiye, Estonia and Lithuania," it added.

In the G7 area, the inflation rate was 7.5% in May, up from 7.1% in April, while it was 8.1% in the euro area, increasing from 7.4%.