UK inflation To Pass 18% in January As Energy Prices Explode

CNBC: Citi projects UK inflation to breach 18% in January as energy prices skyrocket

* In a research note dated Sunday, the U.S. banking giant updated its forecasts for the consumer price index and retail price index to 18% and 21%, respectively, in the first quarter of 2023.

* Energy regulator Ofgem will this week announce the scale of the next price cap increase from Oct. 1, and Citi expects a rise to £3,717 per year ($4,389) from the current £1,971 for an average household.

LONDON — U.K. inflation is on course to exceed 18% in January as the country’s energy price cap enters the stratosphere, Citi economists are projecting.

In a research note dated Sunday, the U.S. banking giant updated its forecasts for the consumer price index and retail price index to 18% and 21%, respectively, in the first quarter of 2023.

This is based on the assumption of a £300 policy offset applied to household energy bills from October through to 2024.

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WNU Editor: What is even more troubling is that the UK government has no idea on what to do to stop this explosion in the cost of living and the looming energy crisis that many in the UK will be facing in the coming months.

UK inflation To Pass 18% in January As Energy Prices Explode

UK Inflation to Rise Past 18% in Gas Crisis, Citigroup Says -- Bloomberg

UK inflation could hit 18% next year on rising energy bills, experts warn -- BBC

UK inflation to top 18% as gas prices soar, banking giant Citi forecasts -- SKY News

UK inflation will hit 18% in early 2023, says leading bank Citi -- The Guardian

UK inflation could peak next year at 18%, warns Citi -- CNN/Reuters

U.K. inflation could hit 18% next year, Citi projects -- Axios

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