Further evidence of rising inflation is provided by the OECD’s compilation of prices in member countries. Consumer prices in the OECD area rose by 4.4% in the year to June 2008, compared with 3.9% in the year to May 2008.
This is the highest inflation rate since March 2000.
On a monthly basis, the price level rose by 0.6% in June, compared with 0.7% in May.
Consumer prices for energy were up by 19.3% year-on-year in June, as against 14.7% in May and consumer prices for food by 6.5% compared with 6.0% in May. Excluding food and energy, consumer prices rose by 2.2% in the year to June, compared with 2.1% in May.
In the euro area, the Harmonised Index of Consumer Prices [HICP] was up by 4.0% in the year to June, compared with 3.7% in the year to May. Month on month, the HICP in the euro area increased by 0.4% between May and June, after a rise of 0.6% between April and May. Excluding food and energy, the year-on-year rise in the HICP in the euro area amounted to 1.8% in June, compared with 1.7% in May.
In the United States, the Consumer Price Index (NYSEARCA:CPI) increased by 5.0% over the year to June, compared with 4.2% in the year to May.
In Japan, consumer prices were up by 2.0% year-on-year in June, as against 1.3% in May.
Over the year to June, consumer prices rose by 3.8% in Italy and in the United Kingdom, 3.6% in France, 3.3% in Germany and 3.1% in Canada.