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OECD inflation hits 9.2% in April as food, services prices accelerate

EconomyOECD inflation hits 9.2% in April as food, services prices accelerate

Moscow (The Times Groupe)- OECD data released on Thursday shows a 9.2% increase in inflation year-over-year in April, compared with an 8.8% rise in March.

The Organisation for Economic Co-operation and Development (OECD) reported that year-on-year inflation, excluding food and energy, rose to 6.3% in April 2022 from 5.9% in March.

According to the report, war-related food price inflation continued to rise strongly, increasing 11.5% in April compared to 10% in March.

Over 33 OECD countries, service prices increased by an average of 4.4% year-over-year, compared with 3.9% in March.

In April, food and services prices rose slightly, offsetting a temporary deceleration in energy prices to 32.5% year-over-year, 1.2 percentage points below March.

Nine OECD countries posted double-digit inflation rates; the highest rates were found in Turkey and Estonia, while inflation declined in five OECD nations, including Italy, Spain, and the United States.

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