Inflation may have peaked, says economist Economist Julian Jessop believes that inflation will peak sooner and fall faster than previously expected, saying it is likely to fall back to the Bank of England’s target level by 2023. Writing in the Telegraph, he considers the factors that have driven consumer price inflation up, going on to argue that the "supply-side" pressures that contributed to the surge may be fading. Mr Jessop says: "I am now ready to stick my neck out again and predict that the consumer price measure of inflation has already peaked, at around 9%.” He adds: “By the middle of next year, it should be back down close to the 2% target again."