Inflation hits 30-year high in OECD area

The annual inflation in the Organization for Economic Cooperation and Development (OECD) rose by 6.6% in December 2021, the highest rate since July 1991. 

The figure was 5.9% in November 2021 and 1.2% in December 2020, according to the data released by the OECD. 

The surge mainly stemmed from the annual inflation jump in Turkey that hit 48.69% in January, 36.08% in December, and 21.3% in November.

When OECD member Turkey is excluded, inflation rose from 5.3% to 5.6% in the OECD area in December on a monthly basis. 

The rise mainly stemmed from increasing energy prices, which soared by 25.6% in the OECD area in the year to December, down by 2.0 points compared to November and up by 4.2% compared to December 2020. 

Food price inflation also picked up strongly to 6.8% in December, compared with 5.5% in November.

The OECD ended 2021 with annual inflation of 4.0%, compared with 1.4% in 2020, the highest rate since 2000. Energy prices jumped 15.4% last year, the highest rate since 1981. 

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