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Is a rise in inflation “baked in the cake”?

It’s assumed that a rise in inflation this year is “baked in the cake”, with all economists bar one (out of 33 polled by HM Treasury) forecasting a rise in inflation between now and year-end. Butwith inflation repeatedly undershooting expectations, will forecasters be proved wrong yet again? While it’s not our central forecast, we can identify a number of potential downside risks.

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