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8/17, 1:33 PM (Source: TeleTrader)
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UK inflation to break 15% in Q1 2023, Citi says

American investment bank Citigroup Inc. estimated on Wednesday that the British inflation rate would accelerate in the upcoming months without new anti-inflationary measures from the government and likely peak past 15% in the first quarter of next year.

"In our view, the composition reaffirms the risk of more sustained domestic inflation. In the absence of offsetting support, we expect CPI inflation to accelerate to over 15% in the first quarter of 2023," Citi noted in its release. Commenting on interest rates, Citi said that the Bank of England was expected to hike its policy rate by 125 basis points to 3% before the end of 2022.

The UK inflation rate jumped past market expectations to a 40-year high of 10.1% in July, per the latest data released earlier today.

Baha Breaking News (BBN) / ND