Surging wholesale gas prices are putting the UK on a path to exceed 18 per cent inflation next year, the highest rate among larger western economies, according to a report from Citigroup.
The bank’s projection heaps more pressure on candidates for the Conservative leadership to address a worsening cost of living crisis and came as UK gas prices for next-day delivery surged as much as 33 per cent.
Rapidly increasing prices for natural gas have left economic projections out of date. At the start of the month, the Bank of England forecast that higher gas prices would push inflation above 13 per cent towards the end of this year.
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