KPMG comments on today’s inflation figures - July 2022

“Inflation accelerated further to reach 9.4 percent in June. However, with further energy bill increases due to take effect from October, the peak in inflation is still some way off, and is not expected to return to the 2 percent target before mid-2024.

“This means more pain is on the way for household budgets as the high rate of inflation continues to outpace wage growth, bringing down the real value of incomes across the UK.

“We also expect the Bank of England to continue raising the base interest rate, which we now expect to reach 2 percent early next year, to stave off further rounds of inflation rises.”

 

-ENDS

 

For media enquiries, please contact:

Gill Carson, Corporate Communications

 

Mob: +44 (0)7768 635843

Email:   gill.carson@kpmg.co.uk

 

KPMG Press Office

Tel:  +44 (0) 207 694 8773

Follow us on twitter: @kpmguk

 

Notes to Editors:

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 15,300 partners and staff.  The UK firm recorded a revenue of £2.43 billion in the year ended 30 September 2021.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 145 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.