OECD Reports 5.9% Year-on-Year Consumer Price Increase in May; Türkiye Sees Inflation Above 70%

Year-on-year hike in consumer prices accelerates to 5.9% in May compared to month earlier

Annual consumer inflation in the Organization for Economic Cooperation and Development (OECD) area hit a 5-month high in May, according to data released on Tuesday.

Consumer prices increased 5.9% year-on-year in May, accelerating from 5.7% in May, data from the Paris-based organization showed.

Headline inflation remained above 5.0% in Colombia and Iceland, and above 70% in Türkiye, read the statement.

The cost of energy rose at the fastest clip in 14 months with 2.5% in May, shifting from a 0.1% decline in the prior month.

The highest energy inflation were seen in Türkiye, Denmark,and Japan, it said.

Following a downward trend since November 2022, food prices climbed 4.76% at an annualized pace in May,

The headline inflation in the G7 was stable at 2.9% in May with a slowdown in food inflation and in the G20, the figure grew to 7.3% in May.

OECD core inflation, stripping out food and energy, slightly decreased to 6.1% in May, after 6.2% in April.

Source: aa

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