According to the Organization for Economic Cooperation and Development (OECD), the UK is the only G7 country where Inflation is still rising. In May, inflation in the G7 fell to 4.6%, its lowest level since September 2021, except for the UK, where it rose to 7.9%. This comes as major central banks consider ending aggressive interest rate hikes as prices cool, despite elevated inflation. The OECD predicts that the UK will have the highest annual headline inflation among advanced economies this year, at 6.9%. Core inflation across OECD countries declined slightly, while energy inflation dropped significantly.

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