British inflation to hit 15% in early 2023, major US bank predicts

Many Irish economists have predicted that consumer price inflation here will peak at around 10%, and then ease somewhat, but stay at historically-elevated levels through 2023.

Citi also revised up its expectations for Bank of England interest rates, predicting they would rise by 1.25 percentage points to 3% by the end of this year.

British consumer price inflation is likely to peak at an annual rate above 15% in the first three months of next year unless there are UK government measures to lower prices, economists at US bank Citi have forecast.

Earlier on Wednesday, official figures showed consumer price index (CPI) inflation hit 10.1% in July, above all economists' predictions.