Annual inflation in the Organization for Economic Co-operation and Development (OECD) area hit 7.7% in February, the highest rate since December 1990.
The rate increased from 7.2% in January and 1.7% in February 2021, according to an OECD statement released on Tuesday.
Energy prices continued to increase inflation in a majority of OECD countries, and food price inflation also showed a notable increase, the statement said.
With energy excluded, the annual inflation rate was 5.5% in March, up from 5.1% in January, it added.
The annual inflation in the G20 area also posted an increase of 6.8% in February 2022, versus 6.5% in January 2022.
“Outside the OECD area, year-on-year inflation rose significantly in Argentina. It was stable in China and South Africa while it decreased in India,” the statement said.
All G7 economies saw annual increases while the largest inflation rate was posted by the US (7.9%) – the highest rate since January 1982.
In the euro area, the rate was 5.9% in the month, versus 5.1% in January 2022 and 0.9% in February 2021.