Citi: UK inflation to top 18% in early 2023

Rising prices: Fresh produce on display at a market in London. Consumer price inflation is expected to peak at 13.3% in October. — Bloomberg

LONDON: British consumer price inflation is set to peak at 18.6% in January, more than nine times the Bank of England’s (BoE) target, according to an economist at US bank Citi, raising his forecast once again in light of the latest jump in energy prices.

“The question now is what policy may do to offset the impact on both inflation and the real economy,” Benjamin Nabarro said in a note to clients.