OECD area inflation rises to 3-decade high in Dec 2021

08 Feb '22

1 min read

Pic: Shutterstock

Annual inflation in the Organisation for Economic Cooperation and Development (OECD) area spiked to a 30-year high in December last year. The inflation rate climbed to 6.6 per cent—the highest level since July 1991—from 5.9 per cent in November and 1.2 per cent in December 2020, according to OECD data. Excluding Turkiye, inflation in the OECD area rose more moderately to 5.6 per cent after 5.3 per cent in November.

“This increase was driven in part by a surge in annual inflation in Turkiye (to 36.1% in December, after 21.3% in November),” read an OECD statement.

In December 2021, energy prices jumped by 25.6 per cent compared to December 2020, while food prices soared by 6.8 per cent over the same period, the OECD said.

“Excluding food and energy, OECD year-on-year inflation also rose sharply, to 4.6 per cent, compared with 3.9 per cent in November,” the statement added.

For 2021 as a whole, the inflation rate was 4 per cent, the highest level since 2000, rising from 1.4 per cent in 2020. Energy prices in the region surged by 15.4 per cent on an annual basis last year.

Fibre2Fashion News Desk (DS)

More Textiles News - Turkey...