The U.K. is set to report a headline inflation of 6.9% this year, according to the OECD, marking the highest such level among all advanced economies.

The report said inflation was set to be stickier than hoped, with the best performer among the G7 is set to be the US, growing by 1.6% this year before easing to 1% in 2024.

FTSE 100 and European stocks. European stock markets started Wednesday on the back foot amid news that the UK has highest core inflation in G7. In London, the FTSE 100 fell 0.2% a

Britain will have the highest inflation of any leading economy in 2023, according to forecasts from the Organisation for Economic Co-operation and Development which show Prime Minister Rishi Sunak will miss his promise to halve price growth this year.

UK economy set for highest inflation and close to slowest growth of G7 countries - Inflation in Britain is forecast to average at 6.9% for 2023, the Organisation for Economic Co-operation and Development found.

The global economy is set for a weak recovery from the shocks of Covid and Russia’s war in Ukraine, dogged by persistent inflation and the restrictive policies of major central banks seeking to contain price pressures,

The OECD raised its growth forecast this year to 2.7% from an estimated 2.2% in November and foresaw only a tiny acceleration to 2.9% next year.