Inflation in OECD area reaches 7.7% in February 2022

In just 12 months, year-on-year inflation in the OECD area has jumped from 1.7% in February 2021 to 7.7% in February 2022 (+0.5 percentage points vs. January 2022), as measured by the consumer price index (CPI) – its highest rate since December 1990. Excluding food and energy, February CPI was 5.5% (+0.4 pp); excluding Turkey, it was 6.3% (+0.5 pp).

Energy price inflation on its own hit 26.6% in February (+0.4 pp) and food price inflation reached 8.6% (+1.1 pp), compared with 0.0% and 2.1%, respectively.

The spectre of energy and food insecurity looms large, with a fresh supply shock stemming from the war in Ukraine set to add further to the inflationary pressure this year.

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