The Bank of England is expected to downgrade its growth forecasts today and warn of more financial pain for households after figures confirmed inflation remained above target last month.
Economists predict central bank boss Sir Mervyn King will paint a grim picture of rising inflation and low economic growth when the latest quarterly forecast is released.
The Bank's Monetary Policy Committee has warned that inflation Is likely rise in the coming months and might remain above the 2% target for another two years.
The outlook for the British economy in 2013 has already been downgraded in November's report to around 1%, but could be downgraded again.
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