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Sunday, 26 August 2012
Rise in bills
Economists are racing to revise their end-of-year forecasts for inflation because of the wave of price rises from banks, energy and telecom suppliers that are expected this autumn. Andrew Sentence of PwC has said that the rise in bills could push inflation back above 3% by the end of this year. It is currently 2.6%. Mr Sentence has previously forecast that inflation measured by the consumer prices index (CPI) would fall to about 2% in December. "With the current trend in prices, it is possible that the MPC will again have to write letters to the Treasury explaining why inflation is above 3%, in my experience, the MPC is not very good at predicting the impact of global factors on domestic UK inflation," he said. Capital Economics, revised up its end-of-year forecast for the CPI from 1.4% to 1.8%. The Centre for Economics and Business Research (CEBR), is also planning to revise up its CPI forecast from 1.9% by the end of the year.