Turkey leads the OECD countries in food inflation

The Organization for Economic Cooperation and Development (OECD) announced inflation data for October. Consequently, while consumer inflation in OECD countries was 10.7 percent, Turkey took the lead in food inflation among OECD countries.

Annual inflation, as measured by the OECD Consumer Price Index (CPI), rose to 10.7 percent in October 2022. In September, this figure was determined at 10.5. Double-digit inflation was recorded in 18 of the 38 OECD countries, with the highest rates in Estonia, Hungary, Latvia, Lithuania and Turkey.

TURKEY IS AT THE PEAK OF FOOD INFLATION

Food inflation in the OECD continued to rise in October. Food inflation, which was 15.3 percent in September, went to 16.1 percent in October. OECD food inflation reached its highest level since May 1974.

Among the OECD countries, Turkey was by far the leader in October with food inflation of 99 percent. Hungary was second only to Turkey with 42.9 percent. Food prices increased by 33.7% in Lithuania and by 29.5% in Latvia.

Food inflation in Turkey, which was 99.05 percent in October, rose to 102.55 percent in November, according to TUIK data.

The increase in energy prices, which was 28.8 percent in September, decreased to 28.1 percent in October. The rise in energy prices remained above 10 percent in 35 OECD countries and above 30 percent in 13 OECD countries.

INFLATIONS OF THE G7, G20 AND THE EURO REGION

Annual inflation in the G7 rose 0.1 percentage points to 7.8 in October. Among the G7 economies, inflation continued to fall in the US, remained stable in Canada, and rose elsewhere. The largest increase was recorded in Italy with 3 percent.

Annual inflation in the euro area, as measured by the Harmonized Index of Consumer Prices (HICP), rose to 10.6 percent in October. Annual inflation in the G20 held steady at 9.5 percent in October.

Non-OECD annual inflation rose in Argentina, fell in China, Brazil, India and Indonesia, and remained stable in Saudi Arabia and South Africa.