Year-on-year consumer prices in the OECD area have leapt from 7.8% in February to 8.8% in March 2022 (and just 2.4% in March 2021), the sharpest increase since October 1988.
Energy and food price inflation in March jumped to 33.7% and 10.0%, respectively, from 26.6% and 8.6% respectively in February. Excluding food and energy, the March consumer price index (CPI) reached 5.9%, compared to 5.6% in February. Around one-fifth of OECD countries saw overall inflation in March reach double digits, with Turkey at 61.1% the highest.
The fallout from Russia’s invasion of Ukraine in February has led to a fresh supply shock in energy and other commodities, resulting in further inflationary pressure this year.
See also: Press release - Consumer Prices, OECD - Updated: 4 May 2022.