Year-on-year inflation in the OECD area increased to 3.8% in May 2021, compared with 3.3% in April. Energy prices rose by 18.6% in May, the highest rate since September 2008, compared with 16.3% in April. Nevertheless, food price inflation continued to slow to 1.4%, compared with 1.6% in April. Developments in energy and food prices are largely related to base year effects and to the impact of the COVID-19 pandemic a year ago. OECD annual inflation excluding food and energy also increased significantly to 2.9% in May, compared with 2.4% in April, the highest rate since August 2002.
Source: OECD