'Inflation declined in all G7 countries, apart from the United Kingdom'
When Rishi Sunak became Prime Minister, among his five pledges was a promise to halve inflation. That pledge lies in tatters, for Tory economic mismanagement has been so bad that the UK is now the only G7 country where inflation is still rising.
According to the Organisation for Economic Co-operation and Development (OECD), inflation in the UK rose to 7.9% in May, up from 7.8% in April, while among the countries of the G7 the rate slipped to 4.6%, down from 5.4%.
The OECD said: “Inflation declined in all G7 countries, apart from the United Kingdom, where inflation edged up, as core inflation continued to rise.”
The OECD’s consumer price index includes the costs of owning and living in a home while the common UK consumer price index method of assessing price rises does not, meaning that it slightly differs from the preferred measure of inflation used by the Bank of England, the consumer prices index.
And it’s not just among G7 countries where the UK performed poorly. Among the 38 rich nations of the OECD, Britain was also an outlier, with only the Netherlands and Norway also recording an acceleration in prices in May. Across the 38 OECD countries, the average rate of inflation fell to 6.5% in May.
So much for the Tories being the party of economic competency.
Basit Mahmood is editor of Left Foot Forward
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