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UK inflation to be highest among big economies in 2023

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.

It was also higher than Germany’s expected inflation this year of 6.1% and France’s 5.8%, both of which represented cuts from the OECD’s June forecasts.

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% now to around 5% in December compared with the same month last year.

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