Inflation Accelerates in the OECD Area
The Organization for Economic Cooperation and Development (OECD) in February 2022 published its December 2021 inflation statistics, showing the highest rate since July 1991, more than 30 years ago.
In fact, inflation in the OECD area rose to 6.6% in the 12 months to December 2021, compared with 5.9% in November, and just 1.2% in December 2020.
This increase was driven in part by a surge in annual inflation in Turkey (to 36.1% in December, after 21.3% in November). Excluding Turkey, inflation in the OECD area increased more moderately (to 5.6%, after 5.3% in November).
A breakdown by source of inflation reveals that on the one hand, energy prices soared by 25.6% in the 12 months to December 2021, two percentage points (p.p.) lower than November’s 27.6%, but high compared with 4.2% in December 2020. On the other hand, food price inflation picked up strongly to 6.8% in December, compared with 5.5% in November and 3.2% in December 2020. Excluding food and energy, OECD year-on-year inflation also rose sharply to 4.6%, compared with 3.9% in November, and contributed significantly to headline inflation in several large economies.
From a regional perspective, inflation excluding food and energy was the main contributor to overall inflation in the United States, the United Kingdom, Germany, and Canada where it contributed by 4.7, 3.5, 3.0 and 2.6 percentage points (p.p.), respectively. Nevertheless, energy had a significant contribution to overall inflation in all G7 countries, ranging from 1.2 p.p. in the United Kingdom to 1.8 p.p. in the United States and was the main contributor to overall inflation in France. While food price inflation increased in all G7 countries, its contributions to overall inflation remained limited, ranging from 0.2 p.p. in France to 0.7 p.p. in Canada.
The OECD’s press release can be downloaded here as a PDF.
And for number lovers, here are few tables to crunch!
Table 1 – CPI and HICP, OECD countries and zone aggregates, selected items
December 2021
| CPI | HICP | CPI | Contributions to annual CPI inflation | |||||||||||
| All items | All items | Food | Energy | All items less food & energy | Food | Energy | All items excluding food & energy | |||||||
| Nov-21 | Dec-21 | Nov-21 | Dec-21 | Nov-21 | Dec-21 | Nov-21 | Dec-21 | Nov-21 | Dec-21 | Dec-21 | ||||
| percentage change on the same period of the previous year | percentage points | |||||||||||||
| OECD-Total | 5.9 | 6.6 | … | … | 5.5 | 6.8 | 27.6 | 25.6 | 3.9 4.6 | … | … | … | ||
| G7 | 5.4 | 5.6 | … | … | 4.8 | 5.3 | 28.8 | 25.7 | 3.5 | 3.9 | … | … | … | |
| European Union (HICP)* | … | … | 5.2 | 5.3 | 2.9 | 4.3 | 25.9 | 24.6 | 2.9 | 3.0 | … | … | … | |
| Euro area (HICP) | … | … | 4.9 | 5.0 | 2.2 | 3.5 | 27.5 | 25.9 | 2.6 | 2.6 | … | … | … | |
| Australia 1 | 3.0 | 3.5 | … | … | 10.6 | 1.0 | 9.4 | 16.8 | 1.6 | 2.9 | .. | .. | .. | |
| Austria | 4.3 | 4.3 | 4.1 | 3.8 | 1.6 | 1.7 | 26.4 | 24.3 | 2.7 | 2.9 | 0.2 | 1.8 | 2.3 | |
| Belgium | 5.6 | 5.7 | 7.1 | 6.6 | 0.2 | 1.2 | 46.4 | 42.0 | 2.3 | 2.7 | 0.2 | 3.6 | 2.0 | |
| Canada | 4.7 | 4.8 | … | … | 4.7 | 5.7 | 26.4 | 21.2 | 2.7 | 3.1 | 0.7 | 1.5 | 2.6 | |
| Chile | 6.7 | 7.2 | … | … | 5.2 | 5.5 | 20.1 | 19.6 | 5.8 | 6.4 | .. | .. | .. | |
| Colombia | 5.3 | 5.6 | … | … | 15.3 | 17.2 | 10.3 | 9.2 | 2.8 | 2.8 | .. | .. | .. | |
| Costa Rica | 3.3 | 3.3 | … | … | 3.6 | 3.1 | 14.2 | 16.8 | 2.1 | 1.9 | .. | .. | .. | |
| Czech Republic | 6.0 | 6.6 | 4.8 | 5.4 | 2.0 | 4.1 | 2.0 | 1.3 | 7.1 | 8.1 | 0.7 | 0.2 | 5.6 | |
| Denmark | 3.4 | 3.1 | 3.8 | 3.4 | 2.1 | 1.6 | 28.0 | 23.4 | 1.5 | 1.6 | 0.2 | 1.6 | 1.3 | |
| Estonia | 8.8 | 12.1 | 8.6 | 12.0 | 5.3 | 6.2 | 33.4 | 55.6 | 5.1 | 5.4 | 1.4 | 7.3 | 3.4 | |
| Finland | 3.7 | 3.5 | 3.5 | 3.2 | 1.5 | 1.7 | 20.2 | 15.9 | 2.5 | 2.6 | 0.2 | 1.2 | 2.0 | |
| France | 2.8 | 2.8 | 3.4 | 3.4 | 0.4 | 1.4 | 22.1 | 19.6 | 1.2 | 1.2 | 0.2 | 1.5 | 0.9 | |
| Germany | 5.2 | 5.3 | 6.0 | 5.7 | 4.6 | 5.9 | 22.0 | 18.3 | 3.4 | 3.7 | 0.6 | 1.7 | 3.0 | |
| Greece | 4.8 | 5.1 | 4.0 | 4.4 | 3.5 | 4.3 | 33.7 | 32.6 | 0.6 | 1.0 | 1.0 | 3.5 | 0.6 | |
| Hungary | 7.4 | 7.4 | 7.5 | 7.4 | 5.5 | 7.8 | 20.0 | 14.2 | 5.6 | 5.5 | 1.8 | 1.7 | 3.6 | |
| Iceland | 4.8 | 5.1 | 3.9 | 3.9 | 1.7 | 2.8 | 13.1 | 11.9 | 4.8 | 5.0 | 0.4 | 0.8 | 3.9 | |
| Ireland | 5.3 | 5.5 | 5.4 | 5.7 | 0.9 | 1.6 | 28.0 | 30.2 | 4.2 | 4.2 | 0.2 | 2.3 | 3.3 | |
| Israel | 2.4 | 2.8 | … | … | 1.5 | 2.4 | 11.4 | 8.4 | 1.8 | 2.4 | 0.3 | 0.5 | 2.0 | |
| Italy | 3.7 | 3.9 | 3.9 | 4.2 | 1.5 | 2.9 | 30.9 | 29.4 | 1.2 | 1.3 | 0.6 | 2.5 | 0.9 | |
| Japan | 0.6 | 0.8 | … | … | 1.7 | 2.6 | 15.6 | 16.4 | -1.2 | -1.2 | .. | .. | .. | |
| Korea | 3.8 | 3.7 | … | … | 5.9 | 6.2 | 20.6 | 14.6 | 1.9 | 2.2 | 1.0 | 1.0 | 1.7 | |
| Latvia | 7.5 | 7.9 | 7.4 | 7.9 | 5.6 | 7.2 | 29.5 | 27.5 | 3.1 | 3.5 | 1.8 | 4.0 | 2.1 | |
| Lithuania | 9.2 | 10.6 | 9.3 | 10.7 | 7.6 | 10.4 | 34.4 | 36.7 | 5.3 | 5.8 | 2.3 | 4.4 | 3.9 | |
| Luxembourg | 4.5 | 4.1 | 6.3 | 5.4 | 1.4 | 2.3 | 40.7 | 32.2 | 2.4 | 2.4 | 0.3 | 1.9 | 1.9 | |
| Mexico | 7.4 | 7.4 | … | … | 10.8 | 11.6 | 15.4 | 11.5 | 4.7 | 4.9 | 3.1 | 1.1 | 3.1 | |
| Netherlands | 5.2 | 5.7 | 5.9 | 6.4 | 1.2 | 2.6 | 46.7 | 53.7 | 2.5 | 2.4 | 0.3 | 3.5 | 1.8 | |
| New Zealand 1 | 4.9 | 5.9 | … | … | 2.5 | 3.8 | 11.5 | 16.5 | 4.6 | 5.0 | 0.5 | 1.5 | 3.8 | |
| Norway | 5.1 | 5.3 | 5.8 | 6.1 | -3.6 | -1.9 | 84.3 | 73.0 | 1.3 | 1.6 | -0.2 | 4.1 | 1.3 | |
| Poland | 7.8 | 8.6 | 7.4 | 8.0 | 6.4 | 8.6 | 21.2 | 20.6 | 4.7 | 5.3 | 2.4 | .. | .. | |
| Portugal | 2.6 | 2.7 | 2.6 | 2.8 | 1.4 | 2.9 | 14.1 | 11.2 | 1.7 | 1.8 | 0.6 | 0.9 | 1.3 | |
| Slovak Republic | 5.6 | 5.8 | 4.8 | 5.1 | 4.5 | 5.8 | 3.1 | 2.1 | 6.4 | 6.5 | 1.2 | 0.3 | 4.4 | |
| Slovenia | 4.6 | 4.9 | 4.9 | 5.1 | 1.1 | 3.9 | 22.1 | 19.1 | 2.9 | 3.1 | 0.6 | 2.0 | 2.2 | |
| Spain | 5.5 | 6.6 | 5.5 | 6.6 | 3.3 | 5.0 | 35.9 | 40.2 | 1.5 | 1.6 | 1.2 | 4.3 | 1.1 | |
| Sweden | 3.3 | 3.9 | 3.9 | 4.5 | 1.0 | 1.7 | 28.9 | 39.3 | 1.7 | 1.4 | 0.3 | 2.8 | 1.1 | |
| Switzerland | 1.5 | 1.5 | 1.5 | 1.3 | -1.7 | -1.4 | 18.2 | 15.2 | 0.9 | 1.1 | -0.2 | 0.8 | 0.9 | |
| Turkey | 21.3 | 36.1 | 21.3 | 36.1 | 27.1 | 43.8 | 35.4 | 48.8 | 17.0 | 31.1 | 11.4 | 4.7 | 20.0 | |
| United Kingdom | 4.6 | 4.8 | 5.1 | 5.4 | 2.5 | 4.2 | 25.6 | 24.5 | 3.6 | 3.8 | 0.4 | 1.2 | 3.5 | |
| United States | 6.8 | 7.0 | 7.9 | 8.1 | 6.4 | 6.5 | 33.3 | 29.3 | 4.9 | 5.5 | 0.5 | 1.8 | 4.7 | |
1 Annual inflation rate for Q3 2021 & Q4 2021
…: not applicable ..: not available
Table 2 – Consumer prices, All items, Food, Energy and All items excluding food and energy, selected countries
Percentage change on the same period of the previous year
| 2020 | 2021 | 2020 | 2021 | ||||||||||||
| Average | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ||
| All items | |||||||||||||||
| OECD-Total | 1.4 | 4.0 | 1.2 | 1.6 | 1.7 | 2.4 | 3.3 | 3.9 | 4.0 | 4.2 | 4.3 | 4.6 | 5.2 | 5.9 | 6.6 |
| G7 | 0.9 | 3.5 | 0.7 | 1.0 | 1.2 | 1.9 | 2.8 | 3.5 | 3.7 | 3.9 | 4.0 | 4.2 | 4.8 | 5.4 | 5.6 |
| Euro area (HICP) | 0.3 | 2.6 | -0.3 | 0.9 | 0.9 | 1.3 | 1.6 | 2.0 | 1.9 | 2.2 | 3.0 | 3.4 | 4.1 | 4.9 | 5.0 |
| European Union (HICP) | 0.7 | 2.9 | 0.2 | 1.2 | 1.3 | 1.7 | 2.0 | 2.3 | 2.2 | 2.5 | 3.2 | 3.6 | 4.4 | 5.2 | 5.3 |
| G7 countries | |||||||||||||||
| Canada | 0.7 | 3.4 | 0.7 | 1.0 | 1.1 | 2.2 | 3.4 | 3.6 | 3.1 | 3.7 | 4.1 | 4.4 | 4.7 | 4.7 | 4.8 |
| France | 0.5 | 1.6 | 0.0 | 0.6 | 0.6 | 1.1 | 1.2 | 1.4 | 1.5 | 1.2 | 1.9 | 2.2 | 2.6 | 2.8 | 2.8 |
| Germany | 0.5 | 3.1 | -0.3 | 1.0 | 1.3 | 1.7 | 2.0 | 2.5 | 2.3 | 3.8 | 3.9 | 4.1 | 4.5 | 5.2 | 5.3 |
| Italy | -0.1 | 1.9 | -0.2 | 0.4 | 0.6 | 0.8 | 1.1 | 1.3 | 1.3 | 1.9 | 2.0 | 2.5 | 3.0 | 3.7 | 3.9 |
| Japan | 0.0 | -0.3 | -1.2 | -0.7 | -0.5 | -0.4 | -1.1 | -0.8 | -0.5 | -0.3 | -0.4 | 0.2 | 0.1 | 0.6 | 0.8 |
| United Kingdom | 1.0 | 2.5 | 0.8 | 0.9 | 0.7 | 1.0 | 1.6 | 2.1 | 2.4 | 2.1 | 3.0 | 2.9 | 3.8 | 4.6 | 4.8 |
| United States | 1.2 | 4.7 | 1.4 | 1.4 | 1.7 | 2.6 | 4.2 | 5.0 | 5.4 | 5.4 | 5.3 | 5.4 | 6.2 | 6.8 | 7.0 |
| G20 and other non-OECD G20 economies | |||||||||||||||
| G20 | 2.7 | 4.3 | 2.1 | 2.2 | 2.5 | 3.2 | 3.8 | 4.4 | 4.5 | 4.6 | 4.5 | 4.6 | 5.2 | 5.9 | 6.1 |
| Argentina | 42.0 | 48.4 | 36.1 | 38.5 | 40.7 | 42.6 | 46.3 | 48.8 | 50.2 | 51.8 | 51.4 | 52.5 | 52.1 | 51.2 | 50.9 |
| Brazil | 3.2 | 8.3 | 4.5 | 4.6 | 5.2 | 6.1 | 6.8 | 8.1 | 8.3 | 9.0 | 9.7 | 10.2 | 10.7 | 10.7 | 10.1 |
| China | 2.5 | 0.9 | 0.2 | -0.3 | -0.2 | 0.4 | 0.9 | 1.3 | 1.1 | 1.0 | 0.8 | 0.7 | 1.5 | 2.3 | 1.5 |
| India | 5.6 | 4.9 | 3.7 | 3.2 | 4.5 | 5.7 | 5.1 | 5.3 | 5.6 | 5.3 | 4.8 | 4.4 | 4.5 | 4.8 | 5.6 |
| Indonesia | 1.9 | 1.6 | 1.6 | 1.6 | 1.4 | 1.4 | 1.4 | 1.7 | 1.3 | 1.5 | 1.6 | 1.6 | 1.7 | 1.7 | 1.9 |
| Russian Federation | 3.4 | 6.7 | 4.9 | 5.2 | 5.7 | 5.8 | 5.5 | 6.0 | 6.5 | 6.5 | 6.7 | 7.4 | 8.1 | 8.4 | 8.4 |
| Saudi Arabia | 3.4 | 3.1 | 5.3 | 5.7 | 5.2 | 4.9 | 5.3 | 5.7 | 6.2 | 0.4 | 0.3 | 0.6 | 0.8 | 1.1 | 1.2 |
| South Africa | 3.2 | 4.6 | 3.1 | 3.2 | 2.9 | 3.2 | 4.5 | 5.2 | 5.1 | 4.7 | 5.1 | 5.1 | 5.1 | 5.5 | 5.9 |
| Food | |||||||||||||||
| OECD-Total | 3.4 | 3.5 | 3.2 | 3.1 | 3.0 | 2.7 | 1.7 | 1.5 | 1.9 | 3.1 | 3.5 | 4.5 | 4.6 | 5.5 | 6.8 |
| G7 | 2.7 | 2.5 | 2.3 | 2.3 | 2.3 | 2.0 | 0.6 | 0.3 | 0.6 | 1.8 | 2.2 | 3.5 | 3.9 | 4.8 | 5.3 |
| Euro area (HICP) | 2.0 | 1.3 | 0.9 | 1.0 | 0.8 | 0.7 | 0.0 | 0.1 | 0.2 | 1.4 | 1.9 | 1.9 | 1.8 | 2.2 | 3.5 |
| European Union (HICP) | 2.5 | 1.6 | 1.0 | 1.1 | 0.9 | 0.6 | 0.1 | 0.2 | 0.4 | 1.5 | 2.0 | 2.3 | 2.3 | 2.9 | 4.3 |
| G7 countries | |||||||||||||||
| Canada | 2.4 | 2.2 | 0.5 | 0.1 | 1.3 | 1.3 | 0.1 | 0.9 | 0.7 | 1.0 | 2.6 | 4.2 | 3.9 | 4.7 | 5.7 |
| France | 2.0 | 0.6 | 1.1 | 1.0 | 0.9 | 1.0 | -0.5 | -0.5 | -0.3 | 0.9 | 1.4 | 1.1 | 0.7 | 0.4 | 1.4 |
| Germany | 2.3 | 3.2 | 0.4 | 1.9 | 1.4 | 1.6 | 1.9 | 1.4 | 1.3 | 4.3 | 4.5 | 4.8 | 4.4 | 4.6 | 5.9 |
| Italy | 1.4 | 0.6 | 0.8 | 0.7 | 0.4 | 0.2 | -0.5 | -0.7 | -0.6 | 0.1 | 0.8 | 1.1 | 1.1 | 1.5 | 2.9 |
| Japan | 1.2 | 0.0 | -1.1 | -0.1 | 0.0 | -0.4 | -1.7 | -1.3 | -0.1 | -0.9 | -1.6 | 1.0 | 0.4 | 1.7 | 2.6 |
| United Kingdom | 0.7 | 0.3 | -1.4 | -0.7 | -0.6 | -1.4 | -0.5 | -1.3 | -0.6 | -0.6 | 0.3 | 0.8 | 1.3 | 2.5 | 4.2 |
| United States | 3.5 | 3.5 | 3.9 | 3.7 | 3.6 | 3.3 | 1.2 | 0.7 | 0.9 | 2.6 | 3.0 | 4.5 | 5.4 | 6.4 | 6.5 |
| Energy | |||||||||||||||
| OECD-Total | -6.5 | 15.4 | -6.5 | -3.8 | 0.0 | 7.4 | 16.4 | 18.8 | 16.9 | 17.5 | 18.1 | 18.9 | 24.2 | 27.6 | 25.6 |
| G7 | -7.4 | 16.3 | -7.0 | -4.5 | 0.0 | 8.3 | 17.7 | 20.7 | 18.3 | 18.6 | 19.5 | 19.9 | 25.4 | 28.8 | 25.7 |
| Euro area (HICP) | -6.8 | 13.0 | -6.9 | -4.2 | -1.7 | 4.3 | 10.4 | 13.1 | 12.6 | 14.3 | 15.4 | 17.6 | 23.7 | 27.5 | 25.9 |
| European Union (HICP) | -6.1 | 12.6 | -6.2 | -3.5 | -1.1 | 4.5 | 10.5 | 12.9 | 12.2 | 14.0 | 14.9 | 16.8 | 22.6 | 25.9 | 24.6 |
| G7 countries | |||||||||||||||
| Canada | -7.6 | 18.8 | -4.0 | -2.7 | 2.4 | 19.1 | 32.7 | 26.4 | 19.5 | 19.7 | 20.7 | 20.1 | 25.5 | 26.4 | 21.2 |
| France | -6.0 | 10.8 | -6.9 | -5.5 | -1.3 | 4.9 | 8.9 | 11.7 | 11.2 | 12.5 | 12.9 | 15.2 | 20.4 | 22.1 | 19.6 |
| Germany | -4.8 | 10.4 | -6.1 | -2.2 | 0.3 | 4.7 | 7.9 | 9.9 | 9.4 | 11.6 | 12.6 | 14.2 | 18.7 | 22.0 | 18.3 |
| Italy | -8.2 | 14.2 | -7.6 | -4.7 | -3.0 | 0.5 | 9.9 | 14.1 | 14.2 | 18.7 | 19.8 | 20.3 | 25.2 | 30.9 | 29.4 |
| Japan | -4.2 | 4.0 | -8.2 | -8.7 | -7.4 | -4.5 | 0.4 | 3.8 | 4.3 | 5.8 | 5.5 | 7.5 | 11.4 | 15.6 | 16.4 |
| United Kingdom | -6.6 | 9.1 | -8.3 | -8.2 | -5.7 | -2.3 | 7.6 | 9.6 | 10.5 | 9.5 | 9.5 | 9.7 | 22.4 | 25.6 | 24.5 |
| United States | -8.5 | 21.0 | -7.0 | -3.6 | 2.4 | 13.2 | 25.1 | 28.5 | 24.5 | 23.8 | 25.0 | 24.8 | 30.0 | 33.3 | 29.3 |
| All items excluding Food and Energy | |||||||||||||||
| OECD-Total | 1.8 | 2.9 | 1.6 | 1.8 | 1.7 | 1.8 | 2.4 | 2.8 | 3.1 | 3.1 | 3.1 | 3.2 | 3.6 | 3.9 | 4.6 |
| G7 | 1.3 | 2.5 | 1.1 | 1.2 | 1.1 | 1.3 | 1.9 | 2.5 | 2.9 | 2.9 | 2.9 | 2.9 | 3.2 | 3.5 | 3.9 |
| Euro area (HICP) | 0.7 | 1.5 | 0.2 | 1.4 | 1.1 | 0.9 | 0.7 | 1.0 | 0.9 | 0.7 | 1.6 | 1.9 | 2.0 | 2.6 | 2.6 |
| European Union (HICP) | 1.1 | 1.8 | 0.7 | 1.7 | 1.5 | 1.3 | 1.2 | 1.3 | 1.2 | 1.0 | 1.8 | 2.1 | 2.4 | 2.9 | 3.0 |
| G7 countries | |||||||||||||||
| Canada | 1.3 | 2.2 | 1.2 | 1.5 | 0.9 | 0.9 | 1.6 | 2.1 | 2.0 | 2.7 | 2.8 | 2.9 | 2.8 | 2.7 | 3.1 |
| France | 1.0 | 0.8 | 0.6 | 1.2 | 0.7 | 0.7 | 0.7 | 0.7 | 0.8 | 0.0 | 0.8 | 1.0 | 1.1 | 1.2 | 1.2 |
| Germany | 1.0 | 2.3 | 0.4 | 1.4 | 1.4 | 1.3 | 1.3 | 1.8 | 1.6 | 2.8 | 2.8 | 2.8 | 2.9 | 3.4 | 3.7 |
| Italy | 0.5 | 0.7 | 0.5 | 0.8 | 0.9 | 0.9 | 0.4 | 0.3 | 0.2 | 0.6 | 0.4 | 0.9 | 1.0 | 1.2 | 1.3 |
| Japan | 0.1 | -0.7 | -0.4 | 0.0 | 0.1 | 0.1 | -1.1 | -1.0 | -1.0 | -0.7 | -0.7 | -0.8 | -1.1 | -1.2 | -1.2 |
| United Kingdom | 1.5 | 2.3 | 1.5 | 1.5 | 1.1 | 1.3 | 1.5 | 2.0 | 2.3 | 1.9 | 2.9 | 2.7 | 3.1 | 3.6 | 3.8 |
| United States | 1.7 | 3.6 | 1.6 | 1.4 | 1.3 | 1.6 | 3.0 | 3.8 | 4.5 | 4.3 | 4.0 | 4.0 | 4.6 | 4.9 | 5.5 |
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