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Cost of living will continue to rise as UK has highest inflation in G7

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The cost of living will continue to rise as the UK is set to have the highest inflation rate out of the world's most advanced economies this year.The Organisation for Economic Co-operation and Development (OECD) also increased its predicted average UK inflation rate for 2023 compared with its previous estimate.The OECD said it expects UK inflation of 7.2 per cent for 2023, increasing its previous forecast of 6.9 per cent from June.This would be the fastest rate across the G7 and third fastest across the G20.

Both of these groups are made up of the world's largest economies.The latest forecasts also predicted inflation of 2.9 per cent for 2024, reflecting a 0.1 percentage point rise on the previous estimate.Inflation is a general increase in prices.

Last year, the UK had very high inflation, with an average at 9.1 per cent and a peak of 11.1 per cent.This meant that food, energy and housing costs went up for many people across the country, resulting in the cost-of-living crisis.Labour Shadow Scottish Secretary Ian Murray said: "Today’s economic forecasts show that the Tories are delivering more of the same while working class Scots are suffering.“The ‘inaction man’ Prime Minister is too weak to turn things around, while Liz Truss is back calling for even more uncosted policies that crashed the economy this time last year."Businesses and workers across Scotland deserve better than this shambles, which is why Labour has a plan for the economy to boost growth, increase wages and bring down bills so working people are better off.” To sign up to the Daily Record Politics newsletter, click here

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