Economists are predicting that as the rising oil prices push up the price of petrol, inflation will increase sharply potentially as high as 3% in the next few months. Consumers are likely to be adversely affected by the fall in the value of the pound with prices climbing in the near future. The price of imported goods is likely to be pushed higher.

Experts suggest that rising inflation could adversely affect consumer confidence and investment may slow due to the worrying post Brexit environment. There is now a further general expectation that GDP will fall next year after some steady growth during this year.

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