Rising inflation continues
According to OECD (Organisation for Economic Co-operation and Development), inflation in its member countries rose by 5.8% year-on-year in November 2021, a 0.6% increase from October 2021. This is 4.6% increase from the figures of November 2020 and has marked the highest level of inflation since May 1996.
The United States seems to be the worst hit country, with inflation hitting 6.8% in November 2021, climbing from 6.2% in October 2021. In Europe, inflation increased to 4.9% in November 2021, up from 4.1% in October 2021.
In terms of energy in the OECD area, prises rose by 27.7% in November 2021, a 3.4% increase from October. Food prices rose by 5.5% in November 2021 after rising 4.6% in October.
Excluding food and energy, inflation was less drastic in November at 3.8% (3.5% in October) however, this still contributed significantly to headline inflation in many major economies.