To ask how much worse inflation is likely to get?

[KiwiInTraining]

Just seen in the papers today that inflation is at 11.1%, and is at a 41-year high.

Inflation is of course a very complex topic, as it’s affected by so many things, so I’m finding it hard to understand if it’s close to stabilising now or if it’s going to get even worse? I know we’re also in recession now, which will make things more complex still.

Can anyone advise on what the next few months/years might bring? Thanks.

The BofE are predicting that inflation will drop quickly from the middle of next year.

www.bankofengland.co.uk/knowledgebank/will-inflation-in-the-uk-keep-rising

"Here are few reasons why we expect inflation in the UK to fall sharply from the middle of next year.

First, the price of energy won’t continue to rise so quickly. The Government has introduced a scheme that caps energy bills for households and businesses for six months.

Second, we don’t expect the price of imported goods to rise so fast. That’s because some of the production difficulties businesses have faced are starting to ease.

Third, we expect there to be less demand for goods and services in the UK. That should mean the price of many things will not rise as quickly as they have done."

That was updated on Nov 3rd.