The OECD's consumer price index for the UK differs from that used by the Office for National Statistics (ONS), resulting in a different inflation figure from the official ONS figure of 8.7%.
Inflation in the UK has remained high despite the Bank of England consistently raising interest rates since December 2021, with the base interest rate now at 5% in an attempt to dampen economic activity and bring inflation down to a target of 2%.
LONDON DAILY ARCHIVE
UK Inflation Soars to 7.9% in May 2023, Highest Among G7 Countries: OECD Report
The OECD has reported that the UK has the highest inflation rate among G7 countries, with a rise to 7.9% in May 2023, up from 7.8% in April.
06 July 2023 · 20:11 UTC
