Consumer prices in the OECD area rose by 3.9% in the year to May 2008, compared with 3.5% in the year to April 2008. This constitutes the highest inflation rate since June 2001. On a monthly basis, the price level rose by 0.7% in May, compared with 0.5% in April.

Consumer prices for energy were up by 14.6% year-on-year in May, as against 12.4% in April and consumer prices for food by 6.1% compared with 5.7% in April. Excluding food and energy, consumer prices rose by 2.1% in the year to May, compared with 2.0% in April.

In the euro area, the Harmonised Index of Consumer Prices (HICP) was up by 3.7% in the year to May, compared with 3.3% in the year to April. Month-on-month, the HICP in the euro area increased by 0.6% between April and May, after a rise of 0.3% between March and April. Excluding food and energy, the year-on-year rise in the HICP in the euro area amounted to 1.7% in May, compared with 1.6% in April.

In the United States, the Consumer Price Index (CPI) increased by 4.2% over the year to May, compared with 3.9% in the year to April.

In Japan, consumer prices were up by 1.3% year-on-year in May, as against 0.8% in April.

Over the year to May, consumer prices rose by 3.6% in Italy, 3.3% in France and in the United Kingdom, 3.0% in Germany and 2.2% in Canada.