There is no sign of easing pricing pressure as inflation worldwide continues to rise.
Compared to the same month last year, the cost of food and energy has pushed up consumers prices in the OECD by 9.6% in May, up from 9.2% in April.
Among OECD countries, inflation increased in all countries except Colombia, Japan, Luxembourg and the Netherlands.
Ten countries recorded double-digit inflation, with the highest rates in Turkey, Estonia and Lithuania.
Food price inflation in the OECD reached 12.6% in May 2022 compared with 11.5% in April, while energy prices were 35.4% higher year-on-year, up from 32.9% a month earlier.
Core inflation, which excludes the more volatile food and energy prices, increased from 6.2% to 6.4% in May.
The OECD-reported energy prices were the main contributor to inflation in France, Germany, Italy and Japan in May, while inflation excluding food and energy continued to drive the increase in Canada, the United Kingdom and the United States.
In the US, core inflation fell slightly in May but overall inflation defied expectations of a plateauing and hit a 40-year high at 8.6%.
While the G7 saw year-on-year inflation jump 7.5% in May, consumer prices in the euro area were 8.1% higher than a year earlier.
A flash estimate by Eurostat pointed to a further increase to 8.6% in the euro area in June, even though core inflation dropped slightly. Strong increases were observed in France and Italy, while inflation is estimated to have slowed down in Germany.
Year-on-year inflation in the G20 area rose to 8.8% in May 2022, compared with 8.5% in April 2022.
In Cayman, higher utility and housing costs were behind a 11.2% increase in consumer prices in the first quarter of the year, according to the latest available price data.
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