Year-on-year inflation in the OECD area rose to 7.7 per cent in February 2022, compared with 7.2 per cent in January 2022, and just 1.7 per cent in February 2021, reaching its highest rate since December 1990.
This increase reflected in part another sharp rise in inflation in Turkey, increasing from 48.7 per cent in January to 54.4 per cent in February. Excluding Turkey, inflation in the OECD area rose to 6.3 per cent, following a rate of 5.8 per cent in January 2022.
While energy continued to boost inflation in a majority of OECD countries, food price inflation also showed a notable increase. Excluding food and energy, year-on-year inflation in the OECD area increased to 5.5 per cent, after 5.1 per cent in January 2022.
Year-on-year inflation in the G20 area also increased in February 2022, reaching 6.8 per cent compared with 6.5 per cent in January 2022. Outside the OECD area, year-on-year inflation rose significantly in Argentina. It was stable in China and South Africa while it decreased in India.
