UK inflation is expected to rise to a 30-year high when December’s data are released on Wednesday as upward cost pressures are felt across the economy.
Economists polled by Reuters forecast inflation to hit 5.2 per cent, the joint highest since the early 1990s and up from a decade-high of 5.1 per cent in November. They attribute the upward price pressure to higher energy costs, strong demand for most goods and services, and continued supply chain disruption.
While economic forecasts are more uncertain than usual during the pandemic, most experts predict inflation will peak in April, prompting expectations that the Bank of England will increase its key interest rate several times this year.
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