To ask the Chancellor of the Exchequer, what forecast his Department has made of the potential peak in consumer price inflation over the next 12 months.
15 March 2022
The independent Office for Budget Responsibility (OBR) published its most recent economic and fiscal forecasts in October 2021, when they expected CPI inflation to peak at 4.4% in Q2 2022. The independent Bank of England stated in their February Monetary Policy Report that they expect inflation to peak at around 7.3% in April 2022. The Chancellor has requested the OBR publish a Spring forecast on 23 March 2022.