UK's inflation over 18% in 2023 due to soaring gas prices

Posted on August 29, 2022   |  

• The retail energy price cap will likely soar to £4,567 in January 2023 and then £5,816 in April 2023, compared to the current level of £1,971.
• Inflation will reach a high of 13% by the end of 2022 as gas prices are continuously increasing. 
• The upsurge in inflation is due to high gas and electricity costs and an expected jump in the cost to consumers as the energy price cap is raised.
• The standard European gas price recovered 10% to €278 per megawatt hour on Monday ($81 per million British thermal units), the highest closing price on record, and has been rising by 45% since August.