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Britain will have one of the highest inflation rates in the G20 this year but should narrowly avoid recession, the Organisation for Economic Co-operation and Development (OECD) has said in its latest set of forecasts.
The Paris-based OECD - a club of rich countries - said UK inflation will be higher in 2023 than nearly any G20 member save for Argentina and Turkey.
However, looking at its broader membership, the UK's inflation rate, while high, will be outpaced by a number of other countries, including Sweden and Iceland.
It warned that higher interest rates are likely to dampen economic growth and incomes in the coming months.
The Paris-based OECD - a club of rich countries - said UK inflation will be higher in 2023 than nearly any G20 member save for Argentina and Turkey.
However, looking at its broader membership, the UK's inflation rate, while high, will be outpaced by a number of other countries, including Sweden and Iceland.
It warned that higher interest rates are likely to dampen economic growth and incomes in the coming months.
UK to have one of highest inflation rates in G20 this year, new forecast shows
The latest update from the Paris-based body sees risks ahead from energy prices, which could leap substantially again ahead of the coming winter, and rising interest rates.
news.sky.com