Inflation in the OECD area increases again, reaching 7.7% in February 2022

Posted 06 April, 2022

This is the highest inflation rate since December 1990. This peak in inflation is mainly linked to the 54.4% rise in prices in Turkey.

Inflation in the OECD area increased to 7.7% year-on-year in February 2022, after 7.2% in January 2022, and only 1.7% in February 2021. This is the inflation rate the highest since December 1990. This increase was partly due to another sharp rise in year-on-year inflation in Turkey, which rose from 48.7% in January to 54.4% in February. Excluding Turkey, inflation in the OECD area reached 6.3%, after 5.8% in January 2022.

While energy continued to push up inflation in a majority of OECD countries, food price inflation also saw a notable increase. Excluding food and energy, year-on-year inflation in the OECD area increased to 5.5%, from 5.1% in January 2022.

Year-on-year inflation in the G20 area also increased in February 2022, reaching 6.8%, after 6.5% in January 2022. Outside the OECD area, year-on-year inflation rose sharply in Argentina. It remained stable in China and South Africa and decreased in India.

 

Consumer prices, selected geographies
February 2022, year-on-year, in percentage, %

 

 

In February, year-on-year inflation increased in all G7 countries. The largest increases, of 0.9 and 0.8 percentage point, were recorded in Italy and France, and the smallest increase, of 0.2 percentage point, was recorded in Germany. In the United States, year-on-year inflation reached 7.9%, its highest rate since January 1982. Inflation excluding food and energy was the main driver of headline inflation in Canada, Germany, in the United Kingdom and the United States, while energy was the main contributor to inflation in France and Italy.

 

Energy (CPI) and Food (CPI), selected geographical areas
February 2020 - February 2022, year-on-year, in percentage, %

 

 

In the euro area, headline inflation measured by the harmonized index of consumer prices (HICP) increased to 5.9% in February 2022, after 5.1% in January 2022, and only 0.9% in February 2021. Excluding food and energy, inflation rose in the euro area to 2.7% in February, after 2.3% in January. According to Eurostat's flash estimate for the euro area in March 2022, headline inflation as well as inflation excluding food and energy continued to rise to 7.5% and 3.0% year-on-year. 

 
 

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