Energy prices push up inflation in OECD region

ISTANBUL

With a 16.3% rise in April on a yearly basis, energy prices pushed up the inflation rate in the area of the Organization for Economic Co-operation and Development (OECD) to 3.3% in the month.

In April, while energy prices posted the highest increase since September 2008, food price inflation slowed down to 1.6% versus 2.7% in March, the global economic body said in a press release on Wednesday.

It noted that developments in energy and food prices stemmed from the measures against the COVID-19 pandemic.

"OECD annual inflation excluding food and energy also increased significantly to 2.4% in April, compared with 1.8% in March, but varied widely across countries," it added.

In the same month, the annual inflation rate was 4.2% in the US, 3.4% in Canada, 1.6% in the UK, 2% in Germany, 1.2% in France, and 1.1% in Italy.

While Japan continued to post negative inflation (-0.4%), "among the G7 countries, the rebound in overall inflation coincided with a pick-up in inflation excluding food and energy only in the United States and Canada," read the statement.

In the euro area and G20 countries, the inflation rate was 1.6% and 3.8%, respectively, in April.

ISTANBUL

With a 16.3% rise in April on a yearly basis, energy prices pushed up the inflation rate in the area of the Organization for Economic Co-operation and Development (OECD) to 3.3% in the month.

It noted that developments in energy and food prices stemmed from the measures against the COVID-19 pandemic.

"OECD annual inflation excluding food and energy also increased significantly to 2.4% in April, compared with 1.8% in March, but varied widely across countries," it added.

In the same month, the annual inflation rate was 4.2% in the US, 3.4% in Canada, 1.6% in the UK, 2% in Germany, 1.2% in France, and 1.1% in Italy.

In the euro area and G20 countries, the inflation rate was 1.6% and 3.8%, respectively, in April.