06.Dec .2022 20:00

OECD inflation hits record high since April 1988

OECD inflation hits record high since April 1988
views 423
Back

The annual inflation rate in the Organization of Economic Cooperation and Development (OECD) area hit 10.7% in October, the highest level since April 1988.

According to an official statement released by the OECD on Tuesday, the annual inflation rate increased from 10.5% in September.

The organization said 18 out of 38 OECD countries posted double-digit inflation rates in October, while Estonia, Hungary, Latvia, Lithuania, and Türkiye saw rates over 20%.

In October, the food inflation hit the highest rate since May 1974 by reaching 16.1%, up from 15.3% in September.

Energy inflation dropped to 28.1% in October from 28.9% in September.

Excluding food and energy, the annual inflation rate in the OECD was at 7.6% in October.

The rate was 7.8% for the Group of Seven countries, 10.6% for the euro area, 11.5% for the EU, and 9.5% for the Group of 20.

Among the OECD countries, the highest rates were recorded in Türkiye (85.5%), Lithuania (23.6%), and Estonia (22.5%), while Switzerland (3%), Japan (3.7%), and Israel (5.1%) saw lowest rates.