Global economy

Inflation continues to surge

11/01/2022 PNG

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.

See also: Prices - Inflation (CPI) - OECD Data