UK inflation could peak above 18% in early 2023, bank predicts

'Unimaginable for personal finances'

clock • 2 min read

Inflation could be pushed above 18% next year, “entering the stratosphere”, according to investment bank Citi.

A new forecast from the bank's chief economist, Benjamin Nabarro said with inflation still firmly in the spotlight, there will be "even more trouble ahead" for the UK at the start of 2023. Victoria Scholar, head of investment at investment platform interactive investor, said: "We have been inundated with more and more inflationary figures so far this year, so to bring the latest outlook from Citigroup into context, this 18.6% figure at the start of next year would be higher than the peak in 1979 - when CPI (Consumer Price Index) hit 17.8% following the OPEC (Organisation of the Petrol...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Budget 26: Self-employed fathers and partners to be eligible for paid parental leave

Budget 26: Self-employed fathers and partners to be eligible for paid parental leave

Two weeks of support currently worth up to £194 a week

Jaskeet Briah
clock 28 October 2026 • 2 min read
Budget an opportunity to review IP and Universal Credit: iptf

Budget an opportunity to review IP and Universal Credit: iptf

Letter to PM Andy Burnham

Vicky Churcher
clock 26 October 2026 • 3 min read
UnderwriteMe releases Protection Platform Pulse report

UnderwriteMe releases Protection Platform Pulse report

Underwriting outcomes and consumer research

Cameron Roberts
clock 21 October 2026 • 2 min read