Annual inflation in the Organization for Economic Co-operation and Development (OECD) area hit 9.6% in May, the highest rate since August 1988, according to a statement from the OECD.
The surge mainly stemmed from the annual inflation jump in Turkey that hit 73.50% in May, followed by Estonia and Lithuania at 20.0% and 18.9%, respectively, in the same month.
Annual inflation increased in all countries, except Colombia, Japan, Luxembourg, and the Netherlands, while 10 OECD States recorded a double-digit figure.
The rate, which increased from 9.6% in April, was largely driven by food and energy prices.
With energy and food excluded, the annual inflation rate was 6.4% in May, up from 6.2% in April, the statement read.