OECD inflation surges to 25-year high of 5.8%

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Inflation across the OECD area surged to a 25-year high of 5.8 per cent in November.

The latest figures from the Organisation for Economic Co-operation and Development (OECD) come against a backdrop of soaring energy prices and supply chain disruption related to Covid-19.

This has triggered a cost-of-living squeeze, with governments scrambling to protect poorer households from rising energy prices.

The OECD said annualised price growth across OECD nations rose to 5.8 per cent in the 12 months to November 2021, compared with 5.2 per cent the previous month, and just 1.2 per cent in November 2020.

This was the highest rate of inflation recorded since May 1996.

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