Annual inflation in the OECD area picked up to 1.5% in January 2021, compared with 1.2% in December 2020. Inflation was stable in the United States at 1.4%, but the inflation rate of 0.9% in the Euro area was sharply up compared with -0.3% in December. In Japan, overall prices continued to fall but at a slower pace than in December.

Countries should increase efforts to detect and deter the activities of professionals who enable tax evasion and other financial crimes. A new report, Ending the Shell Game: Cracking down on the Professionals who enable Tax and White Collar Crimes, explores the strategies and actions that countries can take against such white collar crimes.

By Angel Gurría, OECD Secretary-General: The lack of international co-operation risks failing the most crucial test: that of vaccinating widely enough to eradicate COVID-19 everywhere. This failure could lead to an unmitigated economic and social disaster. No country is leaving this COVID-19 disaster behind unless we act together.

The COVID-19 pandemic has had a big impact on young people’s lives, on their health and well-being, their education and their work. At the OECD, our goal is better policies for better lives, and we need young people to help us shape those policies for a brighter future. That is why we are launching Youthwise, a new advisory board. Apply today.

Chile has been plunged into recession, caused by social protests and the COVID-19 crisis. Sound public finances have enabled bold stimulus action to support the economy, but risks remain. Reforms should focus foremost on reducing inequality, according to the latest OECD Economic Survey of Chile.

Developing and emerging economies would benefit from better-designed energy taxes, with support targeted at low-income earners. Taxing Energy Use for Sustainable Development argues that energy tax and subsidy reform would help achieve decarbonisation, improve access to affordable energy and mobilise domestic revenue, too.