UK fiscal watchdog admits ‘genuine errors’ in inflation forecasting
by Richard Partington Economics correspondent from Economics | The Guardian on (#6FPX1)
OBR says it underestimated strength and persistence of inflation as well as impact of high energy prices
The Treasury's independent economic forecaster has admitted it underestimated the scale of the inflation shock sparked by the Covid pandemic and Russia's invasion of Ukraine.
Blaming the rapid succession of shocks hitting the economy, the Office for Budget Responsibility said it significantly underestimated the strength and persistence of inflation".
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