The Bank of England will raise interest rates for the 11th time in less than 18 months, Sky News reports on March 23.
Financial markets expect an increase of 0.25 percentage points to 4.25%. This is associated with another jump in inflation.
Many economists believed that the Bank of England would suspend its series of interest rate hikes as inflation in the UK has subsided in recent months.
But yesterday’s data showed an increase to 10.4% from 10.1% in February. In October 2022, an inflationary maximum of 11.1% was reached.
The US Federal Reserve raised its benchmark rate by a quarter of a percentage point on Wednesday but indicated it would halt further hikes.
The European Central Bank also raised its three main interest rates by 50 basis points last week, despite turmoil in financial markets that hit Credit Suisse and the collapse of Silicon Valley Bank.
Remember that the Bank of England became the first major central bank to start raising interest rates in December 2021.
Source: Rossa Primavera
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