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OECD area inflation sees highest level in 25 years

11 January 2022 16:15 (UTC +04:00)

Annual inflation in the Organization for Economic Cooperation and Development (OECD) area rose to 5.8% in November 2021, the highest rate since May 1996, APA-Economics reports citing foreign media.

The figure was 5.2% in October and 1.2% in November 2020, according to data released by the OECD on Tuesday.

The rise mainly stemmed from rising energy prices, which soared by 27.7% in the OECD area in the year to November, the highest rate since June 1980.

Food price inflation also picked up strongly to 5.5% in November, compared with 4.6% in October.

"The rise was particularly marked in the US, where year-on-year inflation climbed from 6.2% in October to 6.8% in November, the highest rate since June 1982," it added.

In the euro area, inflation also rose remarkably to 4.9% in November, from 4.1% in October and minus 0.3% a year earlier, but it remained lower than in the OECD area as a whole.

Excluding food and energy, OECD year-on-year inflation increased moderately to 3.8%, compared with 3.5% in October.