Consumer prices in Organization for Economic Co-operation and Development (OECD) countries rose 9.6 percent year-on-year in May, the highest level in 34 years, compared with 9.2 percent in April, according to OECD data released.

Global inflation surged once again in May, according to new data from the Organization for Economic Cooperation and Development (OECD).

The Paris-based group reported that annual inflation for the OECD area rose to 9.6% in May, up from 9.2% in April — marking the sharpest price rise since 1988.

The latest increase was “largely driven by food and energy prices,” it noted.

Energy prices were up 35.4% in May, an increase from 32.9% in April, the OECD noted. And food price inflation was up to 12.6% from 11.5% the previous month.

Excluding food and energy, annual inflation rose to 6.4% in May, up from 6.2% in April, the OECD said.

Among the G7 countries, inflation rose the most in Canada and Italy, the OECD reported, with Japan as the only country where inflation remained stable (at 2.5%).

Ten OECD countries recorded double-digit inflation in May, led by Turkey, Estonia and Lithuania.