OECD Member Countries' Inflation Up 7.7% in February... Highest in 31 Years

South Korea Rises 3.7%, Ranking 32nd Among 38 Countries

[Image source=EPA Yonhap News]

[Asia Economy Reporter Kim Hyunjung] The inflation rate among member countries of the Organisation for Economic Co-operation and Development (OECD) has soared to its highest level in over 31 years since the Gulf War. The global economy is suffering from inflation due to the combined effects of COVID-19-related global supply chain issues and the war in Ukraine.

According to the latest OECD statistics on the 17th, the consumer price inflation rate for February among the 38 OECD member countries was 7.7%, marking the highest level in 31 years and 2 months since December 1990, just before the Gulf War. In 1990, there was a record of international oil prices more than doubling within a few months following Iraq's invasion of Kuwait. The February inflation rate rose by 0.5 percentage points from the previous month (7.2%) and by 6 percentage points compared to the same period last year (1.7%).

[Image source=EPA Yonhap News]

In most member countries, soaring prices of major energy and food items led the sharp rise in inflation. Energy prices in member countries increased by 26.6%, while food prices rose by 8.6%.

By country, Turkey's inflation surged to 54.5%, the highest among OECD member countries. Lithuania (14.2%), Estonia (12.0%), and the Czech Republic (11.1%) followed.

The consumer price inflation rates for the Group of Twenty (G20) and the Group of Seven (G7) were recorded at 6.8% and 6.3%, respectively. Within the G7, inflation reached a 40-year high in the United States (7.9%), followed by Italy, the United Kingdom, Canada, and Germany, all exceeding 5%. Japan, where prices have been stagnant for decades, saw a modest increase of 0.9%. South Korea's inflation rate for February was 3.7%, ranking 32nd among the 38 OECD countries.

This content was produced with the assistance of AI translation services.