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.
"The high interest burden on public debt and the recent drop in average debt maturity leave the public finances exposed to movements in bond yields," it said - a sign that it remains concerned about the state of the public finances.
The share of items in the consumer price index"basket" rising by more than 5% a year is now up to more than a third in the UK, compared with under 30% in the euro area, Japan, Canada and the US.
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