the highest rate since 1991
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3 Mar 2022 – Year-on-year inflation in the OECD area rose to 7.2% in January 2022, compared with 6.6% in December 2021, and just 1.6% in January 2021, reaching its highest rate since February 1991. This increase reflected in part another sharp rise in inflation in Turkey. Excluding Turkey, inflation in the OECD area rose to 5.8%, after 5.5% in December 2021.1
Year-on-year inflation in the G20 area also increased in January 2022, reaching 6.5 % compared with 6.1% in December 2021. Outside the OECD, inflation patterns vary widely: year-on-year inflation continued to rise in India and Indonesia, but declined markedly in China (to 0.9%, from 1.5%), and to a lesser extent in Argentina.
While services prices accelerated markedly in most OECD countries, energy prices, and to a lesser extent food prices, continued to boost inflation in all the OECD countries. Excluding food and energy, OECD year-on-year inflation increased to 5.1%, the highest rate since December 1992, after 4.7% in December 2021.
Consumer prices, selected areas
January 2022, percentage change on the same period of the previous year, %
Source: Consumer price indices, OECD
Energy (CPI) and Food (CPI), selected areas
January 2020 – January 2022, percentage change on the same period of the previous year, %
Source: Consumer price indices, OECD
Underlying data:
- OECD, annual inflation
- G20, annual inflation
- OECD countries, contributions to annual CPI inflation by COICOP Division, current month (xlsx)
- OECD countries, contributions to annual CPI inflation, selected components, historical series (xlsx)
- G7 & non-OECD countries, zone aggregates, inflations rates, historical series graphs (xls)
1. Please note that inflation figures for the OECD area excluding Turkey are not available on OECD.Stat.
