OECD inflation hits record high since April 1988

ISTANBUL

The annual inflation rate in the Organization of Economic Cooperation and Development (OECD) area hit 10.7% in October, the highest level since April 1988.

According to an official statement released by the OECD on Tuesday, the annual inflation rate increased from 10.5% in September.

The organization said 18 out of 38 OECD countries posted double-digit inflation rates in October, while Estonia, Hungary, Latvia, Lithuania, and Türkiye saw rates over 20%.

In October, the food inflation hit the highest rate since May 1974 by reaching 16.1%, up from 15.3% in September.

Energy inflation dropped to 28.1% in October from 28.9% in September.

Excluding food and energy, the annual inflation rate in the OECD was at 7.6% in October.

The rate was 7.8% for the Group of Seven countries, 10.6% for the euro area, 11.5% for the EU, and 9.5% for the Group of 20.

Among the OECD countries, the highest rates were recorded in Türkiye (85.5%), Lithuania (23.6%), and Estonia (22.5%), while Switzerland (3%), Japan (3.7%), and Israel (5.1%) saw lowest rates.