OECD annual inflation accelerates to 3.2% in May

08:41, July 06, 2011      

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Consumer prices in the OECD area rose by 3.2 percent in the year to May, the highest since October 2008, the Paris-based Organization for Economic Cooperation and Development said on Tuesday.

OECD attributed this increase mainly to a sharp acceleration of inflation in Canada and the United States.

Canada witnessed an inflation of 3.7 percent in May, up from 3.3 percent in April while the United States recorded an inflation of 3.6 percent, up from 3.2 percent, both driven by high food and energy prices.

For the OECD as a whole, the rise in food and energy prices shot to 3.9 percent and 14.2 percent respectively in May, compared with 3.1 percent and 13.8 percent in April.

Excluding food and energy, the consumer prices rose by 1.7 percent in May, slightly up from 1.6 percent in April, setting the highest rate since July 2009.

For the euro area, the annual inflation (HICP) slowed to 2.7 percent in May, down from 2.8 percent a month earlier. Other major OECD members except for Canada and the United States recorded stable or slowed inflation in May.

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