OECD inflation rises for 6th straight month
That pickup suggests 2017 will be a watershed year for central bankers, many of whom added to stimulus measures last year to fend off the threat of deflation.
But while the Federal Reserve has raised short-term interest rates twice in the past four months, its counterparts elsewhere are likely to remain cautious about reducing support for still-modest economic growth.
One reason for their caution is that the pickup in inflation has largely been driven by energy and food prices, which can reverse quickly.
The OECD said energy prices rose 11.1% in the 12 months through February, up from 8.5% in the 12 months through January.
Food-price inflation also picked up. Excluding energy and food items, the core rate of inflation was unchanged at 1.9%.
There are already signs that March may mark a fresh decline in developed-country inflation.
Figures released Friday by the European Union's statistics agency showed the annual rate of inflation fell to 1.5% in March from 2.0% in February, again largely due to a fall in energy prices rather than changes in prices of other goods and services.
The other reason for caution is that the pickup in inflation hasn't been felt across all the world's major economies.
According to the OECD, inflation rates fell in China, Brazil, Russia and South Africa. ■