Britain has one of the WORST inflation rates in G20 – USA release latest figures

Britons warned of damaging impact of rising inflation

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Inflation hit nine percent in May, meaning the remaining income for many households won’t go as far, with food and other vital items costing much more. New data from the US shows that inflation is making UK residents pay the most of any G20 nation.

Statistics released by the US Department of Labor today show the country’s inflation rate rose by three percent last month.

According to the consumer price index (CPI), in May products cost 8.6 more, up from 8.3 percent in April.

While the long-awaited findings mean Americans are paying a lot more for their groceries, they are still paying less than other countries.

The UK, on the other hand, now has the highest inflation rate of any G20 nation.

The latest inflation reports of 24 G20 economies show that the UK has the fifth-highest rate.

The country’s rate is close to Russia’s, which has grown to 17.1 percent as sanctions pick apart the Putin-run economy.

The only other countries above the UK are Brazil, Argentina and Turkey, with rates of 11.73 percent, 58 percent and 73.5 percent, respectively.

When factoring in the latest data, the UK is two places removed from the US, with the Netherlands and Spain in between.

G20 nations have the following inflation rates:

China: 2.1 percent

Saudi Arabia: 2.3 percent

Japan: 2.5 percent

Switzerland: 2.9 percent

Indonesia: 3.55 percent

Australia: 5.1 percent

France: 5.2 percent

Singapore: 5.4 percent

South Korea: 5.4 percent

South Africa: 5.9 percent

Canada: 6.8 percent

Italy: 6.9 percent

Mexico: 7.65 percent

India: 7.79 percent

Germany: 7.9 percent

Euro Area: 8.1 percent

United States: 8.6 percent

Spain: 8.7 percent

Netherlands: 8.8 percent

United Kingdom: 9 percent

Brazil: 11.73 percent

Russia: 17.1 percent

Argentina: 58 percent

Turkey: 73.5 percent

The UK will likely remain in its present place among the G20 for the foreseeable future.

By the end of 2022, the Bank of England expects inflation to max out at 10 percent.

The institution predicted some relief the following year with a several-point drop to 4.3 percent.

But in 2023, Britons will have to reckon with a new financial squeeze; economic contraction.

Recent forecasts suggest the country is also destined for the slowest growth of any developed nation.

The Organisation for Economic Co-operation and Development (OECD) has projected no growth for the UK economy in 2023.

Officials predicted a 3.6 percent expansion in 2022, followed by zero percent the following year.

The forecast means the UK drops from the second-fastest growing economy in the G7 to the slowest.

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