Economic Buzz: British Chamber Of Commerce Projects Inflation To Reach 10% In Q4

9 Jun 2022 , 02:48 PM

In the new economic forecasts, British Chambers of Commerce projected that UK inflation rate will reach 10% in Q4 this year, comfortably outpacing average earnings growth. That would be the highest since CPI records began in 1989. CPI is only expected to finally fall back to Bank of Englands (BoE) target of 2% by the end of 2024. BoE interest rate is expected to rise to 2% in 2022, and 3% in 2023. GDP growth in 2022 was downgraded slightly from 3.6% to 3.5%. Quarter on quarter GDP growth is expected to flat line with no growth expected in Q2 and Q3 before contracting by 0.2% in Q4. Growth is expected to slow sharply to just 0.6% for 2023, before recovering slightly to 1.2% in 2024.Powered by Commodity Insights