Inflation jumped sharply in March, according to new data from the Organisation for Economic Cooperation and Development (OECD).
The group reported that annual consumer inflation for the OECD area hit 8.8% in March, up from 7.8% the previous month, and just 2.4% in March 2021.
“Around one fifth of OECD countries recorded double-digit inflation, with the highest rate in Turkey at 61.1%,” the OECD said.
The sharp jump in consumer prices came as energy prices continued surging.
“Energy price inflation in the OECD soared to 33.7% year-on-year in March, up from 26.6% in February, its highest rate since May 1980,” the group said.
Excluding food and energy, annual inflation was still up to 5.9% in March, the OECD said, rising from 5.6% in February.
For the G20 area, annual inflation also increased, the OECD said, reporting that it came in at 7.9% in March, up from 6.8% in February.