‘Vicious cycle’: Inflation in OECD soars to 30-year high of 6.6% – The National
- Date: 03-Feb-2022
- Source: The National
- Sector:Financial Markets
- Country:Middle East
‘Vicious cycle’: Inflation in OECD soars to 30-year high of 6.6% – The National
Inflation in the OECD area rocketed to a 30-year high in the 12 months to December, reaching 6.6 per cent.
The highest recording since 1991 compared with 5.9 per cent in November, and just 1.2 per cent in December 2020.
A surge in annual inflation in Turkey (to 36.1 per cent in December) was behind the huge increase. Excluding Turkey, inflation across OECD member states increased more moderately - to 5.6 per cent, after 5.3 per cent in November.
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