This is the largest price increase since 1988, mainly due to the increase in electricity and gas prices, which have increased by 34% in a year
The price increases are widespread around the world due to the rise in energy costs caused by the war in Ukraine. The inflation rate for the OECD as a whole was 8.8% in March, one point higher than in February and represents the highest price increase for the bloc of 36 countries since 1988. It is a rate one point lower than that recorded in Spain the same month (9.8%).
The trigger was the rise in energy prices, which accelerated to 33.7% in March compared to a year ago, the highest rate since May 1980. But it is not just an electricity and gas problem, as core inflation, which does not cost, or fresh food, reached 5.9% in March in the OECD as a whole, three-tenths more than in February.
One in five OECD countries registered double-digit inflation in March, highlighting the case of Turkey, where prices shot up to 61%. It is followed by Lithuania (15.7%) and Estonia (15.2%), while the most moderate increases occurred in Japan (1.2%), Israel (3.5%) and South Korea (4.1 %).
In the eurozone, inflation rose to 7.4% in March, one and a half points higher than in February. For April, Eurostat’s preliminary estimate points to a rate of 7.5%, one point lower than Spain’s (8.4%). In core rates, yields rose two-tenths to 2.9% from February to March, and are expected to reach 3.5% in April, also a point more moderate than Spain’s.
By component, the largest increase corresponds to energy, up 44.4% in March compared to a year ago in the eurozone, up from 32% in February. While food was up 5.7%, one point more than in February.
The eurozone countries with the highest increases in energy costs were the Netherlands (99.7%), Spain (61%) and Belgium (57.2%).
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
