£3,717 The Citi estimate for the annual cost of typical dual-fuel tariff household energy bills in October
£30bn The cost to the government of offsetting the increase in energy bills in full, according to analysts
The 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 will 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.
The last time inflation reached 18% was in 1976, when an oil supply shock ripped through the global economy and left the UK seeking a bailout from the International Monetary Fund.
The forecasts have put pressure on the Conservative leadership candidates to say how they would tackle inflation. Liz Truss released a plan to “put the West Midlands at the heart of our economic revival” last night, without mentioning inflation.
Bu hikaye The Guardian dergisinin August 23, 2022 sayısından alınmıştır.
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Bu hikaye The Guardian dergisinin August 23, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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