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Citi cuts peak UK CPI forecast to 11.7% after energy cap

·1-min read
A man shops for fruit and vegetables in Brixton, London

LONDON (Reuters) - British consumer price inflation is now likely to peak at 11.7% in January, down from a previous estimate of 17.4%, following a household energy price cap announced by Prime Minister Liz Truss on Thursday, economists at U.S. bank Citi estimated.

Government debt issuance was likely to rise to 164 billion pounds ($189 billion) for the 2022/23 financial year and to 287 billion pounds for 2023/24, but exact forecasts were hard ahead of a government fiscal statement later this month, Citi added.

($1 = 0.8691 pounds)

(Reporting by David Milliken, editing by Andy Bruce)