Inflation in OECD countries accelerated to the highest in 25 years in November

According to recent data from the Organization for Economic Cooperation and Development (OECD), consumer prices in the alliance countries (the 37 most developed countries of the world) jumped by 5.8% in annual terms in November after rising by 5.2% a month earlier. Analysts note that this is the highest rate of increase in 25 years, since May 1996. In November 2020, inflation was only 1.2%. 

The largest increase in prices was noted in the energy sector – here inflation increased by 27.7% in November (24.3% in October). Food prices rose by 5.5% (in October – 4.6%). Core inflation (excluding the cost of food and energy) in November increased by 3.8% compared with 3.5% a month earlier.

The acceleration of inflation rates was also recorded in all G7 countries, with the exception of Canada (here the indicator remained at 4.7%). In the US, there was also a significant acceleration in inflation in November - up to 6.8% (the maximum since June 1982).  

Inflation in the eurozone (HICP index) in the month before last reached 4.9% against 4.1% in October, the indicator excluding food and energy prices was 2.6% against 2.0%. 

In the G20 countries, inflation accelerated to 5.9% in November from 5.3% in October. In particular, consumer prices in China increased by 2.3% (in October – by 1.5%), in South Africa - by 5.5% (5.1%), and in India – by 4.8% (4.5%).