The Central Bank of England anounced the increment in inflation to 10% which has unexpectedly caused hike in food prices.
Hike takes rate to highest level since November 2008 and just after few weeks of the Queen's Demise.
LONDON—The Bank of England raised its key inffliation to 10% on thursday 11th may 2023, its largest rise since 1989, as it fights a surge in inffliation from rising energy prices even as the U.K. economy slides into an expected recession.
''The Bank of England enacted its consecutive interest-rate and inflation increase.''
The central bank raised its benchmark lending rate to 3% from 2.25%, taking it to the highest level since November 2008. Higher borrowing costs will hurt an already weak economy as consumers brace for a difficult month of falling real incomes and rising prices.
Expect said ; they are working assidiously to ensure the stabilization of the inflation increment and Food prices respectively.
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