Inflation Predicted To Rise To 18 Percent Early In 2023

23rd August 2022

Guardian 22 August 2022

Inflation in the UK will hit 18% early next year as consumers count the cost of the deepening energy crisis, one of the world's biggest banks has predicted.

The US financial services group Citi said it expected the consumer prices index to breach 18% in the first quarter of 2023, while the retail prices index inflation rate would soar to 21%.

Citi's prediction is significantly higher than previous modelling of the impact of rising costs. Earlier this month the Bank of England said it expected inflation to reach 13% by the end of the year, while the Resolution Foundation thinktank has forecast it could reach as high as 15% by early 2023.

Sky News 23 August 2022
UK inflation is set to top 18% in January - the highest point in more than 40 years and nine times the Bank of England's target - due to rocketing wholesale gas prices, a global investment bank has forecast.

ITV
[url=https://www.itv.com/news/2022-08-20/energy-price-cap-could-pass-6000-for-first-time-in-new-forecast]Energy price cap could pass £6,000 for first time in new forecast[/url]
Gas and electricity prices could soar by more than threefold from an already record level, according to a worrying new forecast.
Experts have warned energy prices could spike at as much as £6,000 per year for the average household from next April.

CNN
Why UK energy prices are rising much faster than in Europe
Why UK energy prices are rising much faster than in Europe