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Podcast: Beyond Currency
Episode: 23 August 2022 - Inflation could hit 18%!
Description: The continued rise in the cost of energy could see inflation reach 18% in the coming months, according to global banking giant Citibank. With the wholesale gas price rising by 25% in the past week alone, inflation would rival the levels last seen in the mid-1970s.
Were workers to demand wage increases to keep pace with inflation, it is also forecast that the Bank of England would be forced to hike interest rates to 7.5%, more than four times the current level.
A few months ago, as the country was optimistically looking forward to emerging stronger from the Pandemic and reaping the...