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Businesses and consumers face unprecedented inflationary pressures flowing from rising raw material costs, the increase in the energy price cap, and upward pressure on energy and commodity prices.

The Consumer Price Index (CPI) inflation rate is expected to reach 10% in Q4 of 2022. This would be the highest since CPI records began in their current form in 1989.

CPI inflation is expected to finally fall back to the Bank of England’s 2% target by the end of 2024. At the same time the Bank of England interest rate is expected to rise to 2% in 2022 and 3% in 2023. These represent significant shifts from the 1% and 1.5% rates previously forecast in Q1.

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