July 11, 2022
According to a statement from the Organization for Economic Co-operation and Development (OECD), annual inflation in the OECD region reached 9.6 percent in May, the highest level since August 1988.
The increase was mostly caused by Türkiye’s annual inflation rate increase, which reached 73.50 percent in May. Estonia and Lithuania followed with inflation rates of 20.0 percent and 18.9 percent, respectively, in the same month.
With the exception of Colombia, Japan, Luxembourg, and the Netherlands, all nations saw an increase in annual inflation, while ten OECD nations saw double-digit inflation rates.
The cost of food and energy played a significant role in the rate, which rose from 9.6 percent in April.
The annual inflation rate was 6.4 percent in May, up from 6.2 percent in April, when energy and food prices were taken into account.
Source: TR Monitor
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