Inflation in OECD countries in June updated the maximum in 34 years

Inflation in the countries of the Organization for Economic Cooperation and Development (OECD*) jumped by 10.3% in annual terms in June after rising by 9.7% a month earlier. Such figures reflected the maximum rate of price increases since June 1988.

The acceleration of inflation in June was recorded in almost all countries except Germany, Japan and the Netherlands. The highest inflation was recorded in Turkey (+78.6%), the lowest in Japan (2.4%).

The growth in the cost of energy in the OECD countries accelerated to 40.7% in June from 35.4% in May. Food prices jumped 13.3% after rising 12.6% in May.

Core inflation (consumer prices excluding the cost of food and energy) rose by 6.7% in June after rising by 6.4% a month earlier.

In the G7 countries, inflation rose to 7.9% from 7.5% in May, in the G20 countries – to 9.2% from 8.9%.

Inflation in the eurozone increased to 8.6% in June from 8.1% in May. At the same time, core inflation slowed from 3.8% in May to 3.7% in June. 

*The OECD was established in 1961. Today, the organization is one of the leading economic organizations in the world, which includes 38 states. The OECD headquarters is located in Paris.