UK inflation to hit 15pc in early 2023

Author: Monitoring Desk

British consumer price inflation is likely to peak at an annual rate above 15pc in the first three months of next year unless there are government measures to lower prices, economists at US bank Citi forecast on Wednesday. Earlier on Wednesday, official figures showed CPI hit 10.1pc in July, above all economists’ predictions in a Reuters poll. “In our view, the composition re-affirms the risk of more sustained domestic inflation. In the absence of offsetting support, we expect CPI inflation to accelerate to over 15pc in Q1-23,” Citi economist Benjamin Nabarro wrote in a note to clients. Citi had previously forecast CPI inflation would peak at just below 12pc. Citi also revised up its expectations for BoE interest rates, predicting they would rise by 1.25 percentage points to 3pc by the end of this year, up from a previous forecast for a half percentage point rise in the remainder of 2022.

Share
Leave a Comment

Recent Posts

  • Pakistan

A revolutionary approach to Cancer, and the role of Art in Healing; A series of talks by Dr. Azra Raza at LUMS

November 23, 2024: “No one is winning the war on cancer.” These sobering words from…

47 mins ago
  • Business

Fatima Fertilizer, in partnership with UNDP, is the first company in Pakistan to adopt the SDGs Impact Framework

Islamabad, November 21, 2024 – Fatima Fertilizer has the distinct honor of becoming the first…

49 mins ago
  • Op-Ed

FIRST WOMAN CHIEF JUSTICE OF LAHORE HIGH COURT

Law plays a crucial role in shaping and maintaining a civilized society. It ensures order,…

51 mins ago
  • Op-Ed

Internet Ban

In today's world, the Internet is an indispensable tool for education, communication, business, and innovation.…

8 hours ago
  • Op-Ed

Chaos Fuels Gold’s Ascent

Gold has long stood as a symbol of wealth, security, and timeless value. In an…

8 hours ago
  • Op-Ed

Trump 2.0: The Financial Ripple Effect

Donald Trump's return to the White House in 2025 could mark a seismic shift in…

8 hours ago