If you thought the Bank of England’s prediction of 13% inflation by the end of the was bad, brace yourself. Citigroup now predicts inflation will hit 18.6% in January, primarily as a result of the expected increase in the energy price cap. This latest bad news comes just one week after their same analysts predicted the rate would be a relatively modest 15%. 18.6% would be higher than recorded after the Opec oil shock of 1979…

The group’s forecast also warns the price cap could rise above £6000 a year for the average household by next April. Guido hopes co-conspirators have already taken his advice to start chopping wood…