According to economic analysts, the increasing energy prices could push UK inflation as high as 18 percent in 2023, which is the highest rate in around 50 years. Inflation has hit 10.1 percent in July 2022, which is five times more the target forecasted by Bank of England.
Investment bank Citi said inflation was entering the stratosphere, and could increase to 18 percent, while the Resolution Foundation said that it could reach 18.3 percent. The Bank of England has predicted that inflation will rise to over 13 percent in the upcoming months.
The forecast from Citi, which will be the highest rate of inflation in the United Kingdom since 1976 that comes ahead of the energy price cap announcement on the maximum amount, suppliers can charge households for electricity and gas from October 2022.
This forecast by Citi is at the higher end of the scale compared to the forecasts made by other economists such as EY-parthenon, which forecasted the inflation to be at 15.4 percent. Although, other economists said that based on the current price cap predictions, and the latest data on the price rates increase, and inflation can go as high as 18.3 percent.
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