Consumer prices inflation in the Organisation for Economic Cooperation and Development (OECD) area surged 3.8 percent on a year-on-year basis in May. This was stated by the OECD in a statement issued on Monday. According to the OECD, the inflation figure in April was 3.3 percent. Energy prices rose by 18.6 percent in May — the highest rate since September 2008 — compared to 16.3 percent in April, while food price inflation continued to slow down to 1.4 percent, from 1.6 percent in April. “Developments in energy and food prices are largely related to base year effects and to the impact of the Covid-19 pandemic a year ago,” the global organisation noted. Annual OECD inflation excluding food and energy also rose significantly to 2.9 percent in May, compared to 2.4 percent in April. The May figure was the highest since August 2002.