Global economy

Inflation continues to surge in June 2022, reaching 10.3%

03/08/2022 PNG

Year-on-year inflation in the OECD rose to 10.3% in June 2022, compared with 9.7% in May. This represents the sharpest price increase since June 1988. About one-third of OECD countries recorded double-digit inflation.

Food price inflation in the OECD continued to pick up strongly, reaching 13.3% in June 2022 compared with 12.6% in May, the strongest food price increase since July 1975. Energy price inflation jumped to 40.7% year-on-year in June 2022, up from 35.4% in May. Excluding food and energy, year-on-year inflation increased to 6.7% in June 2022, compared with 6.4% in May.

In the euro area, headline year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 8.6% in June 2022, compared with 8.1% in May. Strong increases between May and June 2022 were recorded in both food and energy price inflation.

See also: Consumer Prices, OECD - Updated: 3 August 2022