Figures may not sum because of rounding. 2.4 Our December 2023 forecast was for GDP to increase slightly in 2024-25, after being broadly flat during the period of high inflation and rising interest rates which followed the energy price shock of early 2022. At the time of producing the December 2023 forecast, headline inflation had been falling from its peak in October 2022 and was on track to return closer to the Bank of England’s 2 per cent target over 2024-25.