GBPUSD UK economy in crisis
According to the Organization for Economic Co-operation and Development (OECD), the UK is the only G7 country whose inflation rate is still rising.
The UK's consumer price index (CPI) rose by 7.9% in May over the same period, up slightly from 7.8% in April, according to the OECD. Meanwhile, the remaining G7 countries, including the United States, Canada, France, Germany, Italy and Japan, all see inflation slowing.
Across the G7 group, inflation fell to 4.6% in May from 5.4% in April, the lowest level since September 2021. Many major central banks are beginning to consider suspending interest rate hikes as prices cool down.
The UK's consumer price index (CPI) rose by 7.9% in May over the same period, up slightly from 7.8% in April, according to the OECD. Meanwhile, the remaining G7 countries, including the United States, Canada, France, Germany, Italy and Japan, all see inflation slowing.
Across the G7 group, inflation fell to 4.6% in May from 5.4% in April, the lowest level since September 2021. Many major central banks are beginning to consider suspending interest rate hikes as prices cool down.
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