UK inflation tipped for stratosphere next year

Residents in the United Kingdom struggling with inflation at a 40-year high could see the economy tank even more next year, with inflation set to rocket past 18 percent in the first quarter, a top bank has warned.

United States financial giant Citi said in its latest crunching of the numbers that UK inflation will be worse than the Bank of England's dire prediction of it hitting 13 percent at the end of 2022.

Citi said inflation, which was thought to be sky high in July at 10.1 percent, will be "entering the stratosphere" next year.