National Institute UK Economic Outlook

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National Institute UK Economic Outlook, 2022, issue 6, 4-5

Abstract: In addition to the human misery and devastation it has caused, the Russian invasion of Ukraine has led to further rises in oil and gas prices and inflation more generally. From the point of view of the United Kingdom, this has acted as a terms of trade shock and as such would be expected to lead to a rise in inflation and a fall in output and real income. This is reflected in our forecasts for GDP, inflation, real incomes and consumption over the medium term.

Date: 2022
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