Inflation across the OECD area surged to a 31-year high of 7.2 per cent in January, up from 6.6 per cent in December and just 1.6 per cent a year previously.
Soaring energy prices and supply chain disruption related to Covid-19 has triggered a major cost-of-living squeeze across most of the world with governments scrambling to protect poorer households from rising prices. The latest figures from the Organisation for Economic Co-operation and Development also come in advance of Russia’s invasion ofThe headline rate of 7.2 per cent was the highest recorded across the bloc of industrialised nations since since February 1991.
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