Rate of inflation expected to slow sharply in 2023

In this speed read, we look at independent forecasters expectations for inflation over the next 12 months

As price rises spread throughout the economy, reports suggest the rate of inflation could reach 18% in early 2023, almost double its current rate of 10.1%, raising the possibility of further interest rate hikes.
However, a consensus of independent forecasters expects the rate of inflation to slow over 2023 and, by 2024, have dipped back down below the Bank of England's target of 2%.
It offers comfort to stretched households that this is expected to be a relatively short period of double-digit inflation compared to the prolonged period of steep price rises in the 1970s/early 1980s.
In the meantime, whoever is announced as new Prime Minister on 5th September will come under increased pressure to help households.
Source: Dataloft, Bank of England, showing an average of independent forecasts for annual CPI, published in August 2022

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