Alarming Forecast About Inflation in the UK
While inflation in the UK reached over 10 percent in July and the cost of living crisis has sounded the alarm for many British families, a new forecast from America’s Citi Bank about the near-term outlook for price growth on the island has been shocking. Economic experts at this bank believe that at the beginning of 2023, inflation in the UK could reach 18 percent. The state of price growth and rampant inflation is such that, according to the economists who authored this report, the increase in interest rates in the UK must go beyond the usual methods of recent months followed by central banks in developed countries, and perhaps an interest rate of 6 or 7 percent might be needed to control inflation.
