UK Inflation Highest Among G7 Countries

Date: 11 January 2025 - 21:16

News ID: ۱۳۵۷۳۵

BRUSSELS (Euronews) - The UK has continued to have one of the highest inflation rates in the G7, mainly driven by rising energy prices and ongoing supply chain issues.
The UK is still grappling with sky-high prices, having been dealing with the steepest inflation among G7 nations since June 2024, according to new analysis by the Organization for Economic Cooperation and Development (OECD).
The G7 refers to a group of the most industrialized nations globally and includes the UK, the U.S., France, Canada, Italy, Germany and Japan.
The UK’s November 2024 Consumer Prices Index, including owner occupiers’ housing costs (CPIH) figure came in at 3.5% on an annual basis. This was compared to October’s 3.2%.
This was also almost triple France’s annual inflation rate in the same month, which was 1.3%, while being significantly more than any of the other G7 countries as well.
Japan had the second highest annual inflation rate in the G7 in November at 2.9%, with Germany coming in at 2.2% and Italy at 1.3%. Canada’s year-on-year inflation rate was 1.9% in November 2024, with the US experiencing an annual inflation rate of 2.7%.
The UK’s Consumer Price Index (CPI), which is the more commonly used measure of inflation, also rose 2.6% on an annual basis in November 2024, compared to October’s 2.3%. This was still considerably higher than the Bank of England (BoE)’s target of 2%, despite consistent attempts over the last several months to get inflation under control.