UK interest rates raised by Bank of England after 2008

The bank raised interest rates to 5% for the 12th time.

[{"selector":"#anim-cd0bedf0-e48a-4aa0-980e-03919afa0027 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-52.96543386715354%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":6000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Instagram

The Bank of England said that Russia's invasion of Ukraine has caused prices to rise.

[{"selector":"#anim-3ff6b6b1-4193-4786-b188-3a8abe52c303 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(54.880477813865895%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":6000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Instagram

The Bank of England raised interest rates as the coronavirus on the one hand and the war...

[{"selector":"#anim-34e30875-833d-4fd1-9575-e3e947e168d3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-49.23432795119386%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Instagram

...with Russia in Ukraine on the other hand limited everything,

[{"selector":"#anim-6e340db2-519b-4b5c-a110-fbf249e137e5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(29.30263114995848%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":6000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Instagram

people spent less, reducing upward demand pressure on prices.

[{"selector":"#anim-e4aade75-93d0-4df4-8a74-7ff4ca267f8d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(54.0046914099103%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":6000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Instagram

Inflation will drop 5% by 2023.

[{"selector":"#anim-88fa497a-4296-479b-a719-60572ef00ce1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-27.312331998612336%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":6000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Instagram

Food prices are high due to Russia's war in Ukraine and poor harvests in some countries.

[{"selector":"#anim-2b7aeb41-f8ab-46de-bf39-35f2f30e406c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(51.45942052328283%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":6000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Instagram

Bailey said the bank is "not giving guidance" on whether interest rates will go up.

[{"selector":"#anim-e1367c40-37fd-4c39-bc33-e0180eae3355 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-33.159687281927845%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":6000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Instagram

Economist Luke Bartholomew said, steps are being taken by the banks for this increase will happen only till this year.

[{"selector":"#anim-6c157a5e-294f-4211-9ab6-3e1e93eeca63 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(25.196334624628292%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":6000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Instagram