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OECD Inflation Hits 9.2% in April, Largest Growth in 34 Years

Written: 2022-06-12 12:07:45Updated: 2022-06-12 19:25:59

OECD Inflation Hits 9.2% in April, Largest Growth in 34 Years

Photo : YONHAP News

Consumer prices of members of the Organization for Economic Cooperation and Development (OECD) soared nine-point-two percent in April, the steepest growth in about 34 years.

According to the OECD on Sunday, inflation in the 38 member states came to nine-point-two percent, the largest gain since September 1998, when it marked nine-point-three percent.

Inflation in the OECD nations rose seven-point-eight percent in February when Russia invaded Ukraine, further rising eight-point-eight percent in March.

Soaring prices are mostly led by war-driven food price inflation, which spiked eleven-point-five percent in April, up one-point-five percentage points from the previous month.

Service prices in the OECD area also rose by an average four-point-four percent on-year from three-point-nine percent during the cited period.

Nine OECD countries posted double-digit inflation rates, with Turkey posting the highest rate of 70 percent. South Korea posted a relatively low rate at four-point-eight percent.

The pace of soaring inflation is expected to continue through the year, with the OECD projecting the 2022 inflation rate for the OECD area at eight-point-eight percent.

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