(MENAFN) Annual consumer inflation within the Organization for Economic Cooperation and Development (OECD) area reached a five-month high in May, according to data released on Tuesday. Consumer prices rose by 5.9 percent year-on-year, an increase from the 5.7 percent recorded in April, as reported by the Paris-based organization.

The statement highlighted that headline inflation remained persistently above 5.0 percent in countries such as Colombia and Iceland, while Türkiye experienced an exceptionally high rate, surpassing 70 percent. Energy costs surged at the fastest rate in 14 months, climbing 2.5 percent in May after a 0.1 percent decline in the previous month. The most significant increases in energy inflation were observed in Türkiye, Denmark, and Japan.

Food prices, which had been on a downward trend since November 2022, saw an annual increase of 4.76 percent in May. This marked a shift as food inflation started to rise again, contributing to the overall inflationary pressures in the OECD area.

In the G7 nations, headline inflation stabilized at 2.9 percent in May, influenced by a deceleration in food inflation. Conversely, in the G20 countries, the inflation rate climbed to 7.3 percent during the same period. The OECD core inflation, which excludes volatile components such as food and energy, slightly decreased to 6.1 percent in May from 6.2 percent in April, indicating persistent underlying inflationary pressures despite fluctuations in food and energy prices.

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