UK inflation projected to hit 18.6% as gas prices surge

Surging wholesale gas prices are putting the UK on a path to exceed 18 per cent inflation next year, the highest rate among larger western economies, according to a report from Citigroup.

The bank’s projection heaps more pressure on candidates for the Conservative leadership to address a worsening cost of living crisis and came as UK gas prices for next-day delivery surged as much as 33 per cent.

Rapidly increasing prices for natural…