OECD area yearly inflation surges to peak since 1988 in September

OECD area yearly inflation surges to peak since 1988 in September
OECD area yearly inflation surges to peak since 1988 in September

Date

11/3/2022 8:38:33 AM
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(MENAFN) Yearly consumer inflation in the Organization for Economic Cooperation and Development (OECD) area increased to 10.5 percent last month, the peak in over 34 years.

The number was increased from 10.3 percent in August, amounting to its peak rate since May 1988, as said by an announcement issued by the Paris-based organization on Thursday.

50 percent of the OECD nations recorded double-digit inflation levels two months ago, with the peakiest rates witnessed in Estonia, Hungary, Latvia, Lithuania as well as Turkey (all higher than 20 percent).

The yearly core inflation – apart from food and energy – also carried on surging in the month to reach 7.6 percent.

Even though the energy cost rise decelerated for the third consecutive month to 28.8 percent on a yearly basis in September, it stayed at rising rates.

Consumer prices in G-7 surged 7.7 percent on a yearly basis in September, jumping from 7.5 percent in the month before even though energy cost inflation decelerated in every G-7 nations apart from Germany.

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