UK inflation could hit three per cent by the end of the year if oil and gas prices remain at current levels, the government’s official economic forecaster has warned, in another economic blow for Rachel Reeves.
Professor David Miles, a member of the Office for Budget Responsibility (OBR’s) budget responsibility committee, told MPs on the Commons Treasury select committee that he believes inflation could now be one percentage point higher than the two per cent estimate in last week’s spring statement.
