OECD: UK inflation to be highest among big economies in 2023

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OECD: UK inflation to be highest among big economies in 2023
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LONDON, Sept 19 — Britain remains on course to have the highest inflation of leading rich economies in 2023, according to Organisation for Economic Co-operation and Development...

LONDON, Sept 19 — 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.

The fresh estimate represented the biggest upwards revision for any Group of Seven economy — apart from Japan — in the latest set of projections by the Paris-based think tank published today. Prime Minister Rishi Sunak has promised to halve inflation by the end of this year before an expected election in 2024, meaning it would need to fall from about 7 per cent now to around 5 per cent in December compared with the same month last year.

“Today the OECD have set out a challenging global picture, but it is good news that they expect UK inflation to drop below 3 per cent next year,” finance minister Jeremy Hunt said in a statement.

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