Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

Rising prices in the G20 group of major economies will grow faster than pre-pandemic for at least two years, the OECD forecasts. Consumers have suffered price hikes as higher commodity prices and shipping costs increase inflation for the first time in years, Paris-based policy forum reports. Inflation have reached 3.2% in the UK, highest rate of the advanced economies, and is expected to continue at this level until the end of the year, the OECD said. Inflation is expected to fall in the US, France, and Germany. Inflation has returned all over the world due to the cost of raw materials, constraints on the supply of goods, stronger consumer demand as economies reopen, and prices recovering from drops during the pandemic in some sectors, it said. Consumer demand, supply disruptions and depleted stores of goods have forced up prices and shipping costs. Further supply shortages could lead to a longer period of higher inflation, the OECD said. The OECD expects the rate of inflation in the G20 to moderate from 4.5%