- The OECD said Tuesday that year-on-year inflation in the G7 fell to 4.6% in May, down from 5.4% in April, reaching its lowest level since Sept. 2021.
- The downward trend was observed across most advanced economies in May, with annualized inflation ticking lower in the U.S. Canada, France, Germany, Italy and Japan.
- Britain, however, was found to be an outlier.
LONDON — The U.K. is the only country among the Group of Seven wealthy nations where inflation is still rising, according to data from the Organization for Economic Cooperation and Development.
The Paris-based organization said Tuesday that year-on-year inflation in the G7 fell to 4.6% in May, down from 5.4% in April, reaching its lowest level since Sept. 2021.
The downward trend was observed across most advanced economies in May, with annualized inflation ticking lower in the U.S. Canada, France, Germany, Italy and Japan.
Britain, however, was found to be an outlier.
U.K. consumer prices across all items rose to 7.9% in May when compared to the previous year, the OECD said, up slightly from 7.8% in April.
It comes as many major central banks start to consider bringing their aggressive interest rate hikes to an end as prices cool, even as inflation remains elevated.
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Source: www.cnbc.com
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