Interest Rates Rise Again to Counter Higher Prices

Interest rates have increased for the third time in four months as the Bank of England tries to calm the rise in the cost of living.

The rise from 0.5% to 0.75% means rates are now at their highest level since March 2020, when COVID-19 lockdowns began.

Energy bills and food costs are increasing and there is concern the war in Ukraine will push prices up further.

The Bank has warned inflation, the rate at which prices rise, may reach 8% and possibly higher, in the coming months.

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