Central banks must beat inflation before cutting interest rates, says OECD

Organisation revises global outlook but warns it may be too soon to know if price pressures are contained

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Central banks should be certain they have beaten inflation before cutting interest rates this year, the Organisation for Economic Co-operation and Development (OECD) said despite revisions to its outlook that showed inflation was falling at a faster rate than previously expected.

The Paris-based organisation, which represents 38 countries, said it was too soon to be sure that underlying price pressures are fully contained".