The richest countries in the world registered the highest inflation in the last 25 years in 2021, according to data published this Tuesday, January 11, by the Organization for Economic Cooperation and Development (OECD).
In this sense, the annual rate of growth of consumer prices in the group of developed countries of the OECD reached 5.8% last november. The figure means an increase of 1.2% in relation to the same month of 2020 and is the largest recorded since May 1996.
The increase was driven by energy prices, which rose 28%, more than three percentage points from the previous month and the highest rate since June 1980.
Along these lines, food prices also increased by 5.5%, from 4.6% the previous month.
Thus, inflation in the US, the euro area and the UK more than doubled the 2% target set by their central banks.
Inflation in Europe and the United States
According to the Financial Times, inflation in the euro zone reached 5% in December 2021, while the United States’ figures for the same month would have reached 7%.
In this regard, Joachim Nagel, president of Germany’s central bank, warned that inflation could remain high for longer than economists expect.
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