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Experts warn that increasing energy costs might push the UK’s inflation rate beyond 18% in 2019.

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Forecasters predict that next year’s inflation rate in the United Kingdom will reach 18%, the highest level in fifty years.

In the month of July, the inflation rate was 10.1%, which was five times the target that the Bank of England had established (BoE).

Inflation was forecast to reach 18.3% by the Resolution Foundation, while the financial giant Citi warned of inflation “reaching the stratosphere.”

The projections made by the Bank of England indicate that inflation will be higher than 13% during the next several months.

On Friday, a judgment is anticipated to be made on the maximum amount of money that energy providers are permitted to charge customers for gas and electricity starting in October.

According to the projections made by Citi, this rise will result in the highest rate of inflation seen in the UK since 1976.

The investment bank’s inflation forecast is higher than other industry specialists’, such as EY Parthenon’s.

According to the most recent figures on the pace at which prices are increasing, however, and the current price limit predictions,

Inflation may reach as high as 18.3 percent, according to specialists from the Resolution Foundation think tank who talked with the BBC about the topic.

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