Inflation hit its highest level in 25 years in November, according to new data from the Organization for Economic Cooperation and Development (OECD).
The Paris-based agency reported that inflation in the OECD area surged to 5.8% in the 12-month period ending in November, up from 5.2% in October. Back in November 2020, inflation in the region sat at just 1.2%.
Energy prices drove soaring inflation, the OECD indicated, with prices up by 27.7% in the year to November, up from 24.3% in October.
Food price inflation also continued to accelerate, with prices rising by 5.5% in November, up from 4.6% in October.
Excluding food and energy, prices were up 3.8% year over year in November, compared with 3.5% in October, the OECD said.
As the only G7 country that didn’t see inflation increase in November, Canada was an outlier. However, Canada’s inflation was still elevated at 4.7% in the month.
Elsewhere, prices grew even more.
“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,” the OECD said.
And, in the euro area, inflation reached 4.9% in November, up from 4.1% in October.
“Differences in overall inflation rates across G7 countries were largely related to differences in inflation rates excluding food and energy,” the OECD said. “Non-food and energy items were the main contributors to overall inflation in the United States, the United Kingdom, and Germany.”