Foodstuffs drive OECD inflation leap

Prices of foodstuffs in the 38 member-states of the Organization for Economic Cooperation and Development grew in June at their fastest pace since July 1975, the OECD announced Wednesday. 

Overall inflation was at an annual pace of 10.3%, up from 9.7% in May, while the foods sub-index rose 13.3%, up from 12.7% in May. 

But it was far outpaced by energy prices, which rose 40.7% in June, up from 35.4% in May. 

Excluding these two sub-indices, overall inflation was 6.7%, up from 6.4% in May. 

Among the OECD members, inflation was highest in Turkey (78.6%) and lowest in Japan (2.4%).