Consumer prices (CPI) in the OECD rose by 9.2% year-on-year in April 2022, compared with 8.8% in March 2022. Excluding food and energy, year-on-year inflation increased to 6.3% in April 2022, compared with 5.9% in March 2022.

Food price inflation in the OECD continued to strongly pick up, reaching 11.5% in April 2022 compared with 10.0% in March. Services prices accelerated in most OECD countries, rising by 4.4% year-on-year in April 2022 on average across 33 OECD countries, compared with 3.9% in March. These increases in food and services prices were partly offset by a temporary deceleration in energy prices to 32.5% year-on-year in April 2022, some 1.2 percentage points lower than in March.

Price developments varied somewhat across countries. Nine OECD countries recorded double-digit inflation rates, with the highest rates experienced in Turkey and Estonia. By contrast, inflation fell in five OECD countries, including Italy, Spain and the United States.