Bank of England raises interest rate to 5.25%

2023-08-03 22:38:30

London (dpa)

The Bank of England raised interest rates yesterday, in another attempt to control the high rate of inflation.
BA Media agency stated that the bank warned of “crystallized” risks that would push inflation higher, at a time when it decided to raise the interest rate from 5% to 5.25%.
This is the 14th consecutive increase approved by the Bank.
On the other hand, the bank said it expects the government to fulfill its pledge to bring down inflation by the end of the year. He added that the consumer price index is likely to drop to less than 5% during the last quarter of 2023.

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