Inflation could hit 15% this year, economists warn – what it means for your finances

RockedBuzz
By RockedBuzz 1 Min Read

News, Inflation could hit 15% this year, economists warn – what it means for your finances: detailed suggestions and opinions about Inflation could hit 15% this year, economists warn – what it means for your finances.

INFLATION could hit 15% this winter, after hitting a 40-year high of 9.4% this month.

Bank of England economists warn about the increase as they hint at steeper interest rates to cool inflation.

The nation is struggling to afford food, petrol, bills and other living costs as it hits its highest inflation figure since 1982, according to the Office for National Statistics.

Although Bank of England predicted it would hit 11% by the end of the year, it’s likely to climb higher still.

Mats Persson of EY told The Sunday Times it could hit 15% in the winter if Russia “turns off the taps”, meaning if it shuts off gas to Europe.

Inflation is the measure of how goods and services change price-wise compared to last year.

Food and petrol prices have jumped, leaving many shoppers strapped for cash.

Story continues

Share This Article
Leave a comment