This data also was available for eight non-OECD countries with sizable national economies, so we included them in the analysis as well.įor each country, we calculated year-over-year inflation rates going back to the first quarter of 2010 (except for Argentina, where no data was available before 2018) and ending in the third quarter of this year. We chose to use quarterly rate of inflation measures, both because they’re less volatile than monthly figures and because they were available for all OECD countries. The OECD collects a wide range of data about its members, facilitating cross-national comparisons. The Center relied primarily on data from the Organization for Economic Cooperation and Development, most of whose 38 member states are highly developed democracies. experience to those of other countries, especially its peers in the developed world. rate of inflation running higher than it has at any time since the end of the Cold War, Pew Research Center decided to compare the U.S. Explanations for the current phenomenon proffered to date include continuing disruptions in global supply chains amid the coronavirus pandemic turmoil in the labor markets the fact that today’s prices are being measured against prices during last year’s COVID-19-induced shutdowns and strong consumer demand after local economies were reopened. The recent acceleration in the rate of inflation appears to be fundamentally different from other inflationary periods that were more closely tied to the regular business cycle. Understanding why the rate of inflation has risen so quickly could help clarify how long the surge might last – and what, if anything, policymakers should do about it. Other inflation metrics also have shown significant increases in recent months, though not to the same extent as the CPI.
The annual rate of inflation in the United States hit 6.2% in October 2021, the highest in more than three decades, as measured by the Consumer Price Index (CPI). (Mario Tama/Getty Images)Īmericans who have been to the grocery store lately or started their holiday shopping may have noticed that consumer prices have spiked. A shopper in the meat section of a Los Angeles grocery store on Nov.
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