Titanium Media App reported on August 22 that the inflation rate in the United Kingdom in January next year is expected to reach 18.6%, which is the highest point in nearly half a century, due to the surge in wholesale natural gas prices, according to a new forecast made by Citi based on the latest market prices. The bank forecasts that the retail energy price ceiling will rise to £4,567 in January and £5,816 in April, compared with the current level of £1,971 a year. The bank said the change would lead to a "surge" in inflation. Benjamin Nabarro, chief U.K. economist at Citi, said: “We now expect CPI inflation to peak at more than 18% in January.” That would be higher than inflation following the second oil shock in 1979, according to estimates from the Office for National Statistics. Peak, when the CPI reached 17.8%.
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