UK Inflation Highest Among G7 Countries

The UK continues to have the highest inflation rate among G7 nations, driven primarily by rising energy prices and persistent supply chain issues, Indrabati Lahiri reported for Euronews.

The UK’s Consumer Price Index (CPI), a key inflation measure, rose by 2.6% on an annual basis in November 2024, compared to 2.3% in October.

Since June 2024, the UK has consistently recorded the steepest inflation in the G7, according to the Organisation for Economic Cooperation and Development (OECD). The G7 includes the UK, the US, France, Canada, Italy, Germany, and Japan.

The UK’s Consumer Prices Index including owner occupiers’ housing costs (CPIH) showed an annual increase of 3.5% in November 2024, up from 3.2% in October.

This rate was nearly triple France’s annual inflation rate of 1.3% in November and higher than any other G7 nation. Japan had the second-highest rate at 2.9%, followed by Germany at 2.2%, the US at 2.7%, Canada at 1.9%, and Italy at 1.3%.

The UK’s Consumer Price Index (CPI), a key inflation measure, rose by 2.6% on an annual basis in November 2024, compared to 2.3% in October. This exceeded the Bank of England’s 2% target despite efforts over several months to curb inflation.