Experts warn inflation could keep rising in 2023

Economic analysts have warned that the rate of inflation could keep rising in 2023 as a result of rising energy prices.

Think tank the Resolution Foundation stated that inflation could go above 15%, whilst investment bank Citi said that it is 'entering the stratosphere' and could reach 18.6%.

Predictions outlined by the Bank of England (BoE) have suggested that inflation could rise to over 13% later this year.

Commenting on the matter, James Smith, Research Director at the Resolution Foundation, said:

'Inflation has hit double digits earlier than expected off the back of the highest food price inflation in over two decades, and is set to continue climbing as energy bills soar this winter.

'There is no escaping this cost-of-living crisis, with pay packets shrinking at their fastest pace since 1977 and low-income households facing the prospect of cutting back 'non-essential' spending by 25% to cope with energy bills of over £4,000 from January.'

Internet link: Resolution Foundation website

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2024 Nagle James Associates Ltd. All rights reserved. We use cookies on this website, you can find more information about cookies here.

Registered Office: Nagle James Associates Ltd, Amba House, 4th Floor, Kings Suite, 15 College Road, Harrow, Middlesex HA1 1BA
Registered in England & Wales - Number 4182799. Chartered Accountants and Statutory Auditors
Registered to carry on Audit work in the UK by the Institute of Chartered Accountants in England and Wales

Nagle James Financial Planning Limited, Chartered Accountants and business advisors, is regulated by The Financial Conducts Authority No. 182101; incorporated in England and Wales No 4182798.
Registered office: Nagle James Associates Ltd, Amba House, 4th Floor, Kings Suite, 15 College Road, Harrow, Middlesex HA1 1BA