Inflation hit 30-year high in December: OECD

Inflation hit a 30-year high at the end of 2021, the Organization for Economic Cooperation and Development (OECD) reported.

The Paris-based group said annual inflation in the OECD area jumped to 6.6% in December — the highest level since July 1991, and up from 5.9% the previous month.

In December 2020 inflation sat at 1.2%, it noted.

Soaring energy prices drove the December increase, the OECD said, as annual prices were up by 25.6%, although this was down from November, when energy prices were up 27.6%.

Food prices accelerated in December, rising 6.8% compared with 5.5% in November.

Excluding food and energy, annual inflation was up sharply in December, rising 4.6%, up from 3.9% in November.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.