Inflation continues to rise in January

Year-on-year inflation in the OECD area continued to climb, reaching 7.2% in January 2022, as measured by the consumer price index (CPI) – its highest rate since July 1991. This was up from 6.6% in December and just 1.6% in January 2021. (Excluding Turkey, January CPI was 5.8% vs. 5.5% in December.)

Excluding food and energy, January inflation reached 5.1% (+0.4 percentage points vs. December). Energy price inflation hit 26.1% in January (+0.4pp), compared to -3.8% in January 2021, while food price inflation reached 7.5% (+0.8pp), compared to 3.1% in January 2021.

In 2021 and 2020 as a whole, the average rates of inflation were 4.0% vs. 1.4%, respectively; excluding food and energy, they were 2.9% vs. 1.8%, respectively; and energy only, they were 15.4% vs. -6.5%, respectively. 

> See CPI news release, 3 March 2022

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