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Britain is facing a year of double-digit inflation as soaring energy bills wipe out the savings of millions of households, economists have warned.
The regulator Ofgem announced yesterday that the energy price cap would rise from £1,971 to £3,549 a year on October 1, with analysts forecasting further rises to above £5,000 in January and as much as £7,000 in April.
The National Institute of Economic and Social Research said that rising energy bills would push inflation from previous expectations of 11.3 per cent in October to 12.5 per cent. Economists said that inflation could remain high until September next year.
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This will put pressure on the Bank of England to
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