UK inflation could soar to 18.6 per cent in early 2023, economists have warned.
This comes as US bank Citigroup raised its forecast for Consumer Price Index inflation (CPI) amid rising energy prices. CPI is already at a 40-year high and has not been above 18 per cent since 1976.
In July, Official National Statistics reported that inflation hit 10.1 per cent with food prices and energy costs pushing the rate up. Dairy and meat products were some of the items on the supermarket shelves that have increased the most in price.
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With that, the new energy price cap is set to be announced on Friday August 26 with experts warning it could reach over £3,500 and then jump again January.
Energy experts and providers are urging an intervention from the UK Government as over as three-quarters of Scottish households are expected to fall into fuel poverty.
Colin Mathieson, spokesperson for Advice Direct Scotland, said: “This latest warning demonstrates the scale of the cost-of-living crisis we are in, which is already having a detrimental impact on people’s household finances.
“We know many Scots are having to make difficult decisions about spending on even essential items, and this could push people into debt or worsen existing problems.
“The important thing to remember is no one should struggle alone, and help is available.
“Our energyadvice.scot service is available to anyone who needs advice on things like billing and meters, switching suppliers, grants, and other financial assistance.
“If you have personal financial worries, are struggling with debt, or need a way of getting back on track, our specialist debt advisers at moneyadvice.scot can help.
“We are also aware that many Scottish citizens are not claiming the full benefits that they are entitled to.
“Our online calculator, which can be found at advice.scot, is tailored for Scotland and allows people check their entitlement to both reserved and devolved benefits.”
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