US EditionUK forecast to have the highest inflation rate among G7 nations
- According to new forecasts, the UK economy is expected to have the highest inflation rate among the world's richest nations this year, with a projected average of 7.2% for 2023.
- The Organisation for Economic Co-operation and Development predicts that the UK's inflation rate will ease to 2.9% in 2024 but still adds 0.1 percentage point to its previous prediction. However, the UK economy is estimated to grow by only 0.3% this year, making it the second weakest among the G7 nations.
- Rising global oil prices are expected to contribute to a surge in the UK's consumer prices index, which is forecasted to rise to 7% in August. The Bank of England is likely to impose an additional 0.25 percentage point interest rate hike.
11 Articles
11 Articles
Bleak forecast says UK is to have highest inflation rate out of G7 countries
The OECD says it expects UK inflation to hit 7.2% (Picture: EPA) The UK economy is expected to see the worst inflation rate out of the world’s G7 economies, according to a new forecast. The Organisation for Economic Co-operation and Development (OECD) said it expects UK inflation to hit 7.2%. This is an increase from the previous 6.9% forecast in June, making it the fastest growing rate across the G7 and across the G20. Economists also reduced…
UK inflation to be highest among big economies in 2023 - OECD
LONDON – Britain remains on course to have the highest inflation of leading rich economies in 2023, according to Organization for Economic Cooperation and Development forecasts which showed the country’s inflation problem widening compared with most of its peers. Britain’s headline inflation rate was set to average 7.2 percent over 2023, up from a previous
UK inflation to be highest among big economies in 2023 – OECD
LONDON (Reuters) - Britain remains on course to have the highest inflation of leading rich economies in 2023, according to Organisation for Economic Co-operation and Development forecasts which showed the country's inflation problem widening compared with most of its peers. Britain's headline inflation rate was set to average 7.2% over 2023, up from a previous forecast of 6.9% made by the OECD in June. The fresh estimate represented the big…
UK inflation to be highest among big economies in 2023: OECD
According to the Organisation for Economic Co-operation and Development (OECD), Britain is expected to have the highest inflation rate among leading rich economies in 2023. The country's headline inflation rate is projected to average 7.2%, up from a previous forecast of 6.9%. This is the largest upward revision for any Group of Seven economy, apart from Japan.
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