Britain will suffer the highest inflation of the G7 group of advanced economies this year and next, new forecasts show. The Organisation for Economic Co-operation and Development (OECD) lowered its predictions for headline UK inflation to an average of 2.8 per cent in 2024 and 2.4 per cent in 2025, from the 2.9 per cent and 2.5 per cent respectively that was forecast in November.
But this would still see the UK suffer the highest level of inflation of all the G7 countries, which include Canada, Italy, Japan, Germany, France and the US, in both 2024 and 2025. The OECD also downgraded its forecasts for Britain’s economic growth, meaning the UK economy will be the third-worst performer this year. Just France and Germany are expected to grow less than Britain, while Britain’s economy will grow at the same rate as Italy.
The latest figures are a fresh headache for Rishi Sunak as the general election, expected this autumn, approaches. It means the country will be going to the polls amid a period of sluggish economic performance and inflation still above the Bank of England’s 2 per cent target.
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