Prices will rise faster in the UK than any other advanced economy this year, a forecast suggests.
The Organisation for Economic Co-operation and Development said UK inflation would average 7.2% in 2023.
The think tank said this would be the highest rate in the G7 group, which includes the US, Germany, France, Japan, Canada and Italy.
The think tank said this would be the highest rate in the G7 group, which includes the US, Germany, France, Japan, Canada and Italy.
It added that the OECD’s forecast “illustrates yet again why we need to stick to the plan that we have set out”.
The OECD, a globally recognised think tank, raised its forecast for UK inflation by 0.3 percentage points from its previous estimate for 2023.
At 7.2% it will be higher than in Germany and Italy, which are forecast to have rates of 6.1%, France (5.8%), the US (3.8%), Canada (3.6%) and Japan (3.1%).
The think tank predicts UK inflation will fall to 2.9% in 2024.
Prices will rise faster in the UK than any other advanced economy this year, a forecast suggests.
The think tank said this would be the highest rate in the G7 group, which includes the US, Germany, France, Japan, Canada and Italy.
The Organisation for Economic Co-operation and Development said UK inflation would average 7.2% in 2023.
It added that the OECD’s forecast “illustrates yet again why we need to stick to the plan that we have set out”.
The think tank said this would be the highest rate in the G7 group, which includes the US, Germany, France, Japan, Canada and Italy.
The think tank said this would be the highest rate in the G7 group, which includes the US, Germany, France, Japan, Canada and Italy.
It added that the OECD’s forecast “illustrates yet again why we need to stick to the plan that we have set out”.
The OECD, a globally recognised think tank, raised its forecast for UK inflation by 0.3 percentage points from its previous estimate for 2023.
At 7.2% it will be higher than in Germany and Italy, which are forecast to have rates of 6.1%, France (5.8%), the US (3.8%), Canada (3.6%) and Japan (3.1%).
The think tank predicts UK inflation will fall to 2.9% in 2024.
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