The majority of Irish economists believe that consumer price inflation will peak at around 10% in 2023, and then ease somewhat, but still remain above average.

According to economists at Citi, UK consumer price inflation will peak at a rate above 15% in the first three months of next year unless the government takes measures to lower prices.

On Wednesday, official figures showed that consumer price index (CPI) inflation for July was 10.1%, higher than any of the forecasts provided by economists.

The composition reaffirms the risk of sustained domestic inflation. "Without offsetting support, we expect CPI inflation to accelerate to over 15% in Q1-23," Citi economist Benjamin Nabarro wrote.

It had been predicted previously by Citi that British inflation would peak at just under 12% at the end of the year.

The Central Statistics Office reported earlier last week that consumer price inflation in Ireland was 9.1% in July.

By 2023, many Irish economists predict that consumer price inflation will peak at around 10%, and then ease somewhat, but remain elevated.

In its budget next month, the Irish government plans to provide at least €1bn in assistance to households and businesses.

As for Bank of England interest rates, Citi expects them to rise by 1.25 percentage points to 3% by the end of this year, up from a previous forecast for a half percentage point increase.

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