Inflation in the OECD area continues to surge to 5.8% in November 2021, the highest rate in 25 years
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11 Jan 2022 - Inflation in the OECD area surged to 5.8% in the 12 months to November 2021, compared with 5.2% in October, and just 1.2% in November 2020, reaching the highest rate since May 1996. The rise was particularly marked in the United States, where year-on-year inflation climbed from 6.2% in October to 6.8% in November, the highest rate since June 1982.1 In the euro area, inflation also increased strongly to 4.9% in November, from 4.1% in October and minus 0.3% a year earlier, although it remained lower than in the OECD area as a whole.
Energy prices soared by 27.7% in the OECD area in the year to November, more than three percentage points (p.p.) higher than in October (24.3%) and the highest rate since June 1980. Food price inflation in the OECD area picked up strongly to 5.5% in November, compared with 4.6% in October. Excluding food and energy, OECD year-on-year inflation rose more moderately, to 3.8%, compared with 3.5% in October, though it contributed significantly to headline inflation in a number of large economies.
Consumer prices, selected areas
November 2021, percentage change on the same period of the previous year, %
Source: Consumer price indices, OECD
Energy (CPI) and Food (CPI), selected areas
November 2019 - November 2021, percentage change on the same period of the previous year, %
Source: Consumer price indices, OECD
Underlying data:
- OECD, annual inflation
- G20, annual inflation
- OECD countries, contributions to annual CPI inflation by COICOP Division, current month (xlsx)
- OECD countries, contributions to annual CPI inflation, selected components, historical series (xlsx)
- G7 & non-OECD countries, zone aggregates, inflations rates, historical series graphs (xls)
1. Year-on-year inflation rates are rates of change expressed over the corresponding period (month or quarter depending on data frequency) of the previous year. Also often referred to as rates of change from the previous year, annual rates of change or 12-month rates of change.
