Figures published by the Organisation for Economic Co-operation and Development (OECD) have suggested that the UK has the ‘highest rate’ of inflation amongst top economies around the world.
Rising food and fuel costs have helped to increase prices in the UK, with inflation rising at a faster rate than inflation in other G7 countries, including the US, Germany, France and Japan.
The latest figures from the OECD show that the UK’s rate of inflation reached 2.9% in August, up from 2.6% in July. Experts in the UK have warned that inflation is outpacing wage growth.
Of the 35 developed OECD nations analysed, the UK’s inflation rate is only marginally lower than the rates of inflation in Turkey, Mexico, Latvia and Estonia.
Since the Brexit vote, sterling has steadily depreciated, helping to increase the costs of imports, energy and services.
Meanwhile, inflation across all OECD nations remained stable at 1.8%.