Inflation at highs not seen since 1988, OECD warns

Paris, Jul 5 (EFE).- Inflation in OECD countries continued to rise in May reaching 9.6% fueled by soaring food and energy prices, which represented the sharpest increase since August 1988, the organization warned Tuesday.

Inflation growth in May was four-tenths higher compared to April’s 9.2%, the OECD reported.

Ten OECD countries recorded double-digit year-on-year inflation with Turkey at the helm surging to 73.5%, the report added.

Energy prices jumped to 35.4% year-on-year in May for all 35 member states, while food prices reached 12.6%.

Excluding both food and energy, year-on-year inflation in May stood at 6.4%

Inflation in the eurozone reached 8.1% in May and 7.5% in G7 countries.

Regarding the world’s most developed nations, inflation reached 8.6% in the United States and smaller increases were recorded in the United Kingdom and Germany with 7.9%, Canada with 7.7%, Italy at 6.8%, France 5.2% and Japan 2.5%.EFE

rcf/ch/jt