UK sits as outlier on inflation as Sunak admits it is 'more persistent' than expected

Rose to 7.9% in May

The UK stands as an outlier on inflation within the G7 in May, as Prime Minister Rishi Sunak defended his pledge to halve inflation by the end of the year.

The UK was the sole country within the G7 where inflation grew last month, according to a new report from the Organisation for Economic Co-operation and Development. The OECD said yesterday (4 July) that UK inflation grew from 7.8% in April to 7.9% in May, compared to an average reduction from 5.4% to 4.6% across the G7. Departing BoE rate setter Tenreyro warns against further hikes "Inflation declined in all G7 countries, apart from the United Kingdom, where inflation edged up, as core inflation continued to rise ," the OECD explained. Among the wider 38-country OECD member...