Inflation to hit 18.6% by January as gas prices continue to surge, Citi warns
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inflation is set to surge to 18.6 per cent next year – the highest level in almost half a century – as average energy bills hit £5,816, leaving millions of people in “dire straits” according to alarming new forecasts from one of the world’s biggest banks that suggest the UK’s energy crisis will stretch on for years. “Inflation at 18.6 per cent would push millions of people into dire straits,” said Sarah Coles, senior analyst at Hargreaves Lansdown. “Given that the price of everything else is also soaring, it’s going to be impossible for huge numbers of people to stay on top of their bills.” Ms Coles warned that someone in the lowest 10 per cent of earners could spend 41 per cent of their total income on energy by April, assuming they were the sole earner in a household using the average amount of energy. “Even with the economy softening, last week’s data reaffirmed the continued risk of pass-through from headline inflation into wage and domestic price setting could accelerate,” Mr Nabarro said.
History of this topic
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