The Organization for Economic Cooperation and Development reported that inflation in member countries averaged 4.5 per cent in September because fuel cost more.
That’s because Iran has blocked traffic in the Strait of Hormuz as part of its response to the attacks by the United States and Israel on Iran.
Average prices across the OECD were more than 40 per cent above their December 2019 levels, before the onset of the COVID-19 pandemic. On average, food prices are almost 50 per cent higher than before the pandemic, while energy prices are close to 70 per cent higher.
There are 38 countries that are members of the organization.
