Food inflation jumps to 16.1% in OECD, highest since 1974

The global inflationary crisis has a clear global protagonist: food. Food inflation in the OECD as a whole, the club that brings together the most developed countries, jumped to an annual rate of 16.1% in October, eight tenths higher than in September and a record since May 1974. In October, food prices accelerated in 33 out of 38 member countries, the Organization for Economic Cooperation and Development announced on Tuesday.

On an annual level, the increase was particularly pronounced in Turkey (99%), Hungary (42.9%), in the three Baltic republics – Lithuania (33.7%), Latvia (29.5%) and Estonia (28%)- and Colombia (27%). In the aggregate of the Eurozone, the increase was somewhat more moderate (15.5%), and Spain (15.4%) was very close to that average.

As a result of rising food prices in October, overall inflation in the OECD rose to 10.7%, two tenths higher than in September. In October, 18 member countries had double-digit year-on-year inflation, and Turkey was again in the lead with a stratospheric figure of 85.5%, followed by the three Baltic republics – very exposed to the economic consequences of the war in Ukraine – with rates above 20%.

With 7.3%, Spain is clearly below the average. Below are only non-European countries (such as Japan, South Korea, Australia, Mexico or the United States), which are not so affected by the energy crisis resulting from the war in Ukraine, as well as France (6.2%). , Luxembourg (6.9%) and Switzerland (3%). Energy price growth generally slowed across the OECD in October, rising to 28.1% year-on-year from 28.8% in September. In any case, the year-on-year increase in energy was over 10% in 35 member countries. Spain, with 8%, was one of three that avoided this rule, as well as Mexico (3.2%) and Israel (5.5%).

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