Pretty young woman refuel the car

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.”