Energy prices push OECD inflation up to 2.4% in March 2021

Annual inflation in the OECD area increased to 2.4% in March 2021, compared with 1.7% in February. Annual energy prices rose sharply by 7.4% in March, the highest rate since October 2018. This reflected both the base-year effect with a sharp drop in energy prices in March 2020 and a contemporaneous rise in energy prices in March 2021. Food price inflation slowed slightly to 2.7%, compared with 3.0% in February. OECD annual inflation excluding food and energy increased slightly, to 1.8% in March, compared with 1.7% in February.

Source: OECD