OECD: the UK expects the highest inflation among all G7 countries

According to an economic report published on Wednesday by the Organization for Economic Cooperation and Development (OECD), the UK expects the highest inflation among all the G7 countries in 2023. 

According to OECD forecasts, inflation in the country will be 6.9%. This indicator exceeds the inflation rate on the European continent in the G7 countries, such as Italy with a forecast of 6.4%, Germany – 6.3% and France – 6.1%. 

At the same time, inflation is expected to be 3.9% in the US and 3.5% in Canada. The lowest inflation rate among the G7 countries is projected in Japan and it is 2.8%.

Earlier in March, the organization predicted that the UK would be the only country from the «Big Seven» where an economic downturn is expected in 2023. According to the Office for National Statistics (ONS), annual inflation in the country fell to 8.7% in April after rising to 10.1% in the previous month.