Torsten Bell - chief executive of independent think tank the Resolution Foundation - has told BBC Radio 4’s Today programme inflation is heading “over 10%, and that peak won’t come until the early part of 2023”.
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He says inflation was previously expected to peak in autumn at around 10% but it could reach levels “well in excess of 10%” if the historical relationships between different prices continue.
“There’s obviously lots of different shocks happening at once here to our economy and to inflation,” he says.
“Some of those wider shocks are easing but others are getting worse”.
However, Bell does say he’d be surprised if the Bank of England decided to raise interest rates by half a percentage point regularly.
