Annual inflation in the Organisation for Economic Cooperation and Development (OECD) zone increased to 5.8 per cent in November last year, the highest rate since May 1996. The figure was 5.2 per cent in October and 1.2 per cent in November 2020, according to data released by the OECD.

The rise was attributed primarily to rising energy prices, which soared by 27.7 per cent in the OECD area in the year to November, the highest rate since June 1980.

Food price inflation also rose to 5.5 per cent in November, compared with 4.6 per cent in October last year.

Annual inflation in the Organisation for Economic Cooperation and Development (OECD) zone increased to 5.8 per cent in November last year, the highest rate since May 1996. The figure was 5.2 per cent in October and 1.2 per cent in November 2020, according to data released by the OECD. The rise was attributed primarily to rising energy prices.

“The rise was particularly marked in the US, where year-on-year inflation climbed from 6.2 per cent in October to 6.8 per cent in November, the highest rate since June 1982,” it added.

In the euro area, inflation also rose remarkably to 4.9 per cent in November, from 4.1 per cent in October and minus 0.3 per cent a year earlier, but it remained lower than in the OECD area as a whole.

Excluding food and energy, OECD year-on-year inflation increased moderately to 3.8 per cent, compared with 3.5 per cent in October.

Fibre2Fashion News Desk (DS)