(MENAFN) Fitch Ratings showed that Britain’s consumer price index (CPI) is projected to increase steeply in the coming six months due to climbing world energy and goods prices.
The global rating agency noted late Friday that it predicts CPI inflation to surge to 4.3 percent by the end of this year, a rise from its prior estimate of 3.4 percent made in September.
Consumer inflation is expected to peak over 5 percent in the coming April, it stated in a report, whereas the energy component of CPI inflation is predicted to jump by almost 1 percentage point in the next months.
It continued: "retail gas and electricity tariffs are set to rise by 12% in October and we assume they rise by a further 20% in April 2022."
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