“This increase was driven by an increase in annual inflation in Turkey (36.1% in December, up from 21.3% in November),” the report said. Excluding Turkey, inflation in the OECD was more moderate at 5.6% in December and 5.3% in November.
Energy was also a major driver; In the 12-month period to December, energy prices in the OECD region increased by 25.6%. This was slightly less severe than November’s 27.6% print, but a dramatic acceleration compared to 4.2% in December 2020.
For the whole of 2021, energy prices rose by 15.4%, the biggest drop in prices since 1981.
The food price inflation in December 2021 was comparatively recorded at 6.8%.
Excluding food and energy, year-on-year inflation in the OECD sector increased to 4.6% from 3.9% in November.
