Goldman Sachs warns UK inflation could top 22% next year

UK inflation, which topped 10.1% in July, could more than double and peak at 22.4% early next year if the Ofgem price cap rises by 80% in January, the bank has said. This prediction, alongside Citigroup's earlier forecast this month of 18.6% inflation in 2023, is far higher than the Bank of England's expectation of a 13.3% peak this October.  "Wholesale gas prices in the UK have surged by 145 per cent since the start of July and while our commodity strategists do not expect the recent spike in European gas prices to persist, we view persistently higher gas prices as an upside risk to ...