British consumer price inflation looks set to hit a 30-year high of 6% or more in April, but the big question for the Bank of England and the wider public is how quickly it will then fall back.
The BoE last month became the world's first major central bank to raise interest rates since the coronavirus pandemic hammered the global economy.
Then, after gas prices rose further, the central bank said in December it had raised its estimate for the peak in inflation to about 6% in April. Paul Dales, chief UK economist at consultancy Capital Economics, has almost doubled his inflation forecast for 2022 as a whole to 4.0% from a previous estimate of 2.2%.Britain is set to receive a record number of liquefied natural gas cargoes this month, helping to bring the day-ahead natural gas price down from a peak of more than 450 pence a therm in late December down to about 200 pence last week, although that was still much higher than its level of about 50 pence a year ago.
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