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.

Britain's headline inflation rate was set to be 6.9% in 2023, higher than Germany's 6.3% and France's 6.1% and the OECD average of 6.6%, the group said in a new set of projections on its members' economies published on Wednesday.

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.

The latest update from the Paris-based body sees risks ahead from energy prices, which could leap substantially again ahead of the coming winter, and rising interest rates.

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

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,