Economic Buzz: OECD Area Inflation Soars To 30 Year High In December

9 Feb 2022 , 03:10 PM

Annual inflation in the Organisation for Economic Cooperation and Development (OECD) area soared to a 30-year high in December last year. The inflation rate climbed to 6.6%, hitting the highest level since July 1991 from 5.9% in November and 1.2% in December 2020, according to OECD data. This increase was driven in part by a surge in annual inflation in Turkiy (to 36.1% in December, after 21.3% in November), read an OECD statement. In December 2021, energy prices jumped by 25.6% compared to December 2020, while food prices soared by 6.8% over the same period, the OECD said. Excluding food and energy, OECD year-on-year inflation also rose sharply, to 4.6%, compared with 3.9% in November. For 2021 as a whole, the inflation rate was 4%, the highest level since 2000, rising from 1.4% in 2020. Energy prices in the region jumped by 15.4% on an annual basis last year.

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