OECD inflation soars to eight-year high

CPI inflation in the 30 countries that comprise the OECD surged to its highest level since March 2000 in the year to June, data published Tuesday revealed.

The OECD data showed annual inflation rose from 3.9% in May to 4.4% last month on the back of soaring energy and food costs.

Consumers' energy costs were up by almost a fifth (19.3%) in the year to June. Food bills rose by an average of 6.5%. The OECD said consumer prices rose by 2.2%, discounting for food and fuel costs.

Out of the 30 OECD