Rising fuel and food costs have become a problem not only for the world’s leading economies – consumer price increases in developing economies are also hitting multi-year highs.

In Chile, South America’s fifth-largest economy, annual inflation accelerated to 11.5 percent in May from 10.5 percent a month earlier, becoming the highest since July 1994, official data released Wednesday showed.

Meanwhile, consumer prices in Ghana, one of Africa’s top 10 economies, jumped 27.6% year-on-year in May after rising 23.6% in April, the fastest pace since January 2004. Inflation in the country has accelerated for 12 consecutive months and exceeds the central bank’s target range of 6-10% for 9 months.

Earlier it became known that consumer inflation in Tunisia last month reached 7.8%, which is the maximum since October 1991. Accelerating inflation has been observed for eight months in a row, writes Trading Economics.

Taiwan recorded a much more moderate increase in consumer prices – by 3.39% in May. However, the island nation’s economy has not seen such a rate since August 2012.

Especially strong inflation is observed in Turkey (73.5% in May) and Argentina (58% in April).

According to the April forecast of the International Monetary Fund, inflation in developing economies this year will average 8.7%. For developed economies, the forecast is 5.7%.

A new forecast of the Organization for Economic Cooperation and Development (OECD), released on Wednesday, provides that inflation in 2022 in the countries that are members of the organization will be 8.5%, in the members of the G20 – 7.6%.