Inflation causing price rising up, overvalued stock or funds, consumer purchasing power reducing concept, air balloon tied with product price tag flying high rising up in the sky.
Nuthawut Somsuk

Led by rising food and energy prices, global inflation continued its surge, the Organization for Economic Cooperation and Development (OECD) reported.

The OECD said that headline annual inflation hit 7.7% in February, up from 7.2% in January. Back in February 2021, inflation sat at just 1.7%.

Runaway inflation in Turkey is one key reason for the lofty headline number. The country saw inflation rise from 48.7% in January to 54.4% in February, the OECD said.

Backing out the data from Turkey, headline inflation for the OECD area was still up from 5.8% in January to 6.3% in February.

The OECD noted that rising energy prices continued to drive inflation in most countries, and that food prices are up too.

However, even excluding food and energy, core inflation continued to rise — reaching 5.5% in February, up from 5.1% the previous month.

For the G20 countries, annual inflation was also up to 6.8%, compared with 6.5% in January, the OECD noted.