Inflation shock as Goldman Sachs suggests huge rise to 22 percent. Source: EXPRESS. Daily Briefi9ng

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Inflation shock as Goldman Sachs suggests huge rise to 22 percent

INFLATION could hit 22.4 percent as global energy prices continue to rocket, experts at Goldman Sachs have warned.

By Nicholas Dawson

14:43, Tue, Aug 30, 2022 | UPDATED: 16:44, Tue, Aug 30, 2022

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EU ‘too late to take action on inflation’ says expert

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The investment bank has said that Britain will go into a recession in December 2022, until at least the beginning of 2024. Analysts at Citigroup predicted earlier this month that inflation could peak at almost 19 percent.

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Goldman Sachs has warned that inflation could hit 22.4 percent (Image: GETTY)

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Goldman said: “In a scenario where gas prices remain elevated at current levels, we would expect the price cap to increase by over 80 per cent in January.”

An economist from the investment group said: “Concerns around cost of living pressures in the UK have continued to intensify on the back of the worsening energy crisis.

“Real consumption is still likely to decline significantly.”

The investment bank has also reconsidered its previous estimates the UK economy will grow next year.

READ MORE: State pensioners may be left with just £11 a day in energy bills shock

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