Mixed numerology has been adopted in the orthogonal frequency division multiplexing-based physical layer of 5G new radio (NR) to serve diverse use cases and services. Since the subcarriers of different numerologies have different bandwidths and symbol durations, they interfere with each other despite being centered at different frequencies. We analyze the inter-numerology interference (INI) encountered by these systems in wideband time-varying channels in the presence of phase noise. We derive novel expressions for the fading-averaged INI power at each subcarrier as a function of the channel’s power delay profile. These lead to insightful, tight bounds for the bandwidth-averaged INI power, which bring out the combined impact of Doppler spread and phase noise. Our comprehensive approach applies to the entire family of numerologies of 5G NR, and accounts for partial subcarrier loading, guard bands, and non-line-of-sight and line-of-sight channels. Our results show that INI affects high-rate modulation and coding schemes (MCSs). To mitigate its impact, we propose a novel statistical square root power allocation scheme that exploits the variation in the average INI powers across the subcarriers. It achieves a lower block error rate than uniform power allocation, which is used in 5G NR.