UK expects ‘astronomical inflation’ in 2023

UK expects ‘astronomical inflation’ in 2023 – 

Britain’s National Institute of Economic and Social Research (NIESR) has predicted inflation of “astronomical” size in the UK in 2023.

“Inflation will rise to ‘astronomical’ levels over the next year, which will force the Bank of England to raise interest rates,” the economists say.

It is specified that rising gas and food prices will lead to inflation of up to 11% by the end of 2022.

Analysts from NIESR also noted that millions of the most vulnerable households will be affected by a prolonged recession that will last until 2023. This will particularly affect the deprived areas of the kingdom.

In the second half of June, the Bank of England raised its bank interest rate by 0.25 percentage points to 1.25%, its highest rate in 13 years. In January 2009, the rate was about 1.5%.

At the end of July, annual inflation in the UK was reported to have accelerated to 9.4% in June, a record since 1982.

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