Analysts have reacted with shock as the
Bank of England raised interest
rates today from 5% to 5.25% in a move aimed at curbing inflation.
While a rate rise was expected this year, it was not predicted to happen
until at least next month, the BBC reported.
The rise is the third in five months and comes after consumer price inflation
recently rose to 2.7%, the highest level in more than ten years.
In a statement announcing its decision, the
England’s Monetary Policy Committee said it expected consumer inflation to
rise further in the near future.
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