Consumer prices in the world’s leading economies quickened in the second month of the year to reach the fastest rate of inflation in about two and a half years on surging energy and food prices, according to The Wall Street Journal. On Tuesday the Organization for Economic Cooperation and Development reported that consumer prices in its 33 member-states rose by 2.4% year-over-year in February, accelerating from the 2.2% annual rate of inflation recorded the prior month.
The figures showed that surging energy and food prices drove inflation higher. Energy prices were seen up 10.1% on an annual basis from 8.4% last month, while food price growth quickened to 3% year-over-year from a 2.6% yearly increase the month before. Core inflation in the OECD area was unchanged in February from the previous month at 1.3%, although some central banks, including the European Central Bank, are still poised to tighten policy to limit price growth.