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by cirrus-clouds
1390 days ago
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Summary of the FT article: - Investment bank Citigroup forecasts UK inflation will hit 18.6 per cent in January 2023 — the highest peak in almost half a century — because of soaring wholesale gas prices. - The bank predicted that the country’s retail energy price cap — which limits how much the average household pays for heating and electricity — would be raised to £4,567 in January and then £5,816 in April (approx $6880, €6850) compared with the current level of £1,971 a year. It added that the shifts would lead to inflation “entering the stratosphere”. - UK and European wholesale natural gas prices are already trading at close to 10 times normal levels and other forecasters have also raised their inflation predictions. - The energy regulator Ofgem will on Friday (26 Aug) announce the energy price cap for the period between October and January, which most analysts expect to rise to more than £3,500 for a household with average usage of energy — an increase of 75 per cent on current levels. Related article from Reuters: Europe's efforts to shield households from soaring energy costs https://www.reuters.com/business/energy/europes-efforts-shie... |
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