Could UK inflation reach 15% by the start of 2023?

The Resolution Foundation is suggesting that the Bank of England might forecast that inflation is going to be even higher than expected with a peak later than initially forecast.

15% inflation would be remarkable - a flashback to 1980 - and have very real implications for living standards.

The view that inflation is on the point of soaring is also endorsed by the National Institute for Economic and Social Research, who note that CPI inflation could reach 11% and that RPI might go above 17%.

Unemployment is expected to rise above 5 per cent over the coming twelve months as firms respond to the fall in aggregate demand. Read more here.

The ongoing cost of living crisis is flagged here with annual energy bills forecast to rise to £3,600 even under the price cap. That represents a remarkable increase from £1,400 in October 2021

We live in very, very interesting times.