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Inflation Hits 24-Year High in the OECD on Energy

Price Pressure

Inflation in the OECD surged to its highest rate in almost a quarter of a century as energy prices continued to soar for major economies across the world. Japan was the only Group of Seven country not to register an increase in its overall rate in October, while the U.S. and the U.K. both recorded particularly sharp rises. While price pressures are stronger and longer-lasting than the OECD initially expected, it said in its outlook on Wednesday that inflation will fade at the turn of the year and central banks should not move precipitously to tighten conditions. 

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