OECD annual inflation rises 10.3% in June, highest since 1988

Year-on-year inflation in the OECD rose 10.3% in June, a high since 1988, due mainly to rising food and energy prices in most countries, the organization said today.

In a communiqué released today and quoted by Lusa, the Organization for Economic Cooperation and Development (OECD) says that in one third of the OECD countries inflation rose by double digits, with Turkey leading the way with an increase of 78.61 PT2T, as opposed to Japan, where it rose by only 2.41 PT2T.

Food prices rose 13.3% in June, up from 12.6% in May, a high since July 1975.

Energy increased by 40.7% in June this year compared to the same month in 2021, up from 35.4% in May.

Excluding food and energy, year-on-year inflation rose 6.7%, up three tenths of a percentage point from May.

Price increases were 7.9% in the G7 countries, up four-tenths of a percentage point from May, with energy being the main accelerator in France, Germany, Italy and Japan.

In these countries, core inflation, excluding food and energy prices, was 4.7% in June.

The harmonized index in the eurozone was 8.6%, up five tenths from May, said the OECD, which recalled that Eurostat estimates the year-on-year increase will be 8.9% in July.

In the G20 countries, the price increase was 9.2% in June, up three tenths from May, with sharp increases in all emerging economies except India.

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