Inflation in the UK is on course to breach 18% at the start of 2023 because of rising energy bills, according to new forecasts by economists at Citi.
Experts forecast that Consumer Price Index (CPI) inflation will reach 18.6% in January, which would make it the highest rate for almost half a century.
In July, CPI inflation struck a new 40-year-high of 10.1%. The Bank of England has previously projected that inflation will peak above 13% in October before declining.
However, Citi analyst Ben Nabarro has forecast that inflation will jump to 14.8% in October as energy bills spike for UK households.
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