Inflation in OECD area surges to 8.8% in March as energy prices keep rising

By Aysu Bicer

ANKARA (AA) - Consumer prices in the OECD area rose by 8.8% year-on-year in March 2022, compared with 7.8% in February 2022, seeing their sharpest increase since October 1988, official data indicated on Wednesday.

The figure was 2.4% in the same month last year, the OECD said.

Around one fifth of OECD countries recorded double-digit inflation, with the highest rate in Turkiye at 61.1%, it underlined.

Energy price inflation soared to 33.7% year-on-year in March, up from 26.6% in February, its highest rate since May 1980.

Excluding food and energy, year-on-year inflation rose to 5.9% in March, after 5.6% in February.

Year-on-year inflation in the G20 area also increased to 7.9% in March compared with 6.8% in February 2022.