In a scenario where wholesale prices for energy remain their current levels, Goldman Sachs predicts a peak of 22.4% next year. Photograph: Paul Marriott/Rex/Shutterstock
CNBC: UK inflation could top 22% as energy prices soar, Goldman Sachs warns
* U.K. inflation could hit 22.4% next year if energy prices continue their upward spiral, Goldman Sachs warned.
* It comes after British households were hit with a projected 80% increase in their energy bills in the coming months.
* The investment bank also forecast that gross domestic product could drop 3.4%.
LONDON — U.K. inflation could soar above 22% next year if energy prices continue their upward spiral, U.S. investment bank Goldman Sachs warned.
In a research note dated Monday, Goldman said headline inflation could peak at 22.4% and gross domestic product could drop by 3.4% if energy costs keep rising at their current pace.
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Update #1: Energy prices could push UK inflation to 22%, a near post-war record (The Guardian)
Update #2: UK Inflation Could Top 22% Next Year, Warns Goldman Sachs (Bloomberg)
WNU Editor: U.K. is not going to be alone. It looks like all European nations are going to be experiencing double digit inflation in 2023. In fact, some are there already .... Rate hikes are little help for Estonia's 22% inflation, Europe's worst (Washington Post).
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