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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.