Inflation continues to surge

Inflation in the OECD area surged to 5.8% in the year to November 2021, compared with 5.2% in October (and 1.2% in November 2020), its highest rate since May 1996.

The rise was particularly marked in the US, where year-on-year inflation climbed to 6.8% in November from 6.2% in October. In the euro area, the corresponding rates were 4.9% and 4.1% (compared to -0.3% a year earlier).

Energy price inflation in the OECD area was up 27.7% in the year to November (October: 24.3%), its highest rate since June 1980, while food prices rose 5.5% (October: 4.6%). Excluding food and energy, inflation was a more moderate 3.8% (October: 3.5%) – although it contributed significantly to headline inflation in many large economies.

David Bradbury welcomes the progress made in carbon pricing, with 49% of G20 CO₂ emissions now covered by a carbon price, up from 37% in 2018 – but more needs to be done.

» See all OECD videos

The OECD's Anthony Mann and IBM’s Lydia Logan discuss the changing world of work – and the vital importance of career guidance and practical experience for young people.

» See all OECD podcasts

Vaccine hesitancy remains a policy challenge in 2022 – but what effect have COVID certificates had on vaccine uptake and viral transmission rates? OECD economist Nicolas Woloszko explains. 

» See all blog posts