Goldman Sachs: UK Inflation Could Break 22% If Gas Prices Remain High

Inflation could soar to the highest level since 1975 if global gas prices do not fall from their historic highs, a Wall Street investment bank warned today. The cost of living would climb to a peak of 22.4 percent if the energy watchdog is forced to heap even more woe onto households by passing on elevated gas prices again in January, according to Goldman Sachs. The fresh warning adds to the string of experts warning the UK is set to tumble into a tough slump over the winter that may last for more than a year. Goldman also warned in a note over…