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Why does the UK have the highest inflation in the G7?
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Britain’s inflation rate has soared to the highest level since the early 1980s. After a record increase in gas and electricity bills in April, inflation is the highest in the G7.
Having reached 9% last month, it is above the 8.3% rate in the US and Germany’s reading of 7.4%. Japan, an economy characterised by low inflation for decades thanks to an ageing population, has the lowest rate at 1.2%.Here are some of the reasons why prices are rising faster in the UK than in other major economies.Britain is a net importer of energy, meaning that it is exposed to global price shocks.
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