Inflation Remains High, Bank of England Interest Rate Hike Likely

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Viva Budy Kusnandar 07/07/2022 13:00 WIB

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Throughout the first semester of 2022, the Bank of England raised its base interest rate five times.

Bank of England Base Rate (January 2020 - June 2022)

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Inflation Remains High, Bank of England Interest Rate Hike Likely

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Bank of England Base Rate (January 2020 - June 2022)

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The Bank of England's (BoE) chief economist, Huw Pill, warned that the UK economy will slow down over the next year. He also indicated that the BoE may raise its benchmark interest rate again.

"We really don't expect to see economic growth for about a year," Pill said after delivering a speech at the London and Qatar Centre for Global Banking & Finance conference at King's College London, as reported by Reuters on Wednesday (July 6, 2022).

Previously, in June 2022, the BoE raised its benchmark interest rate by 25 basis points to 1.25%. This was the fifth consecutive increase since December last year.

The Bank of England may further increase its benchmark interest rate in the future to curb inflation to its 2% target.

"The scale, pace, and timing of further interest rate rises will reflect the Monetary Policy Committee's assessment of the economic outlook and inflationary pressures," Pill said in his speech.

In May 2022, UK inflation rose by 9.1% year-on-year (YoY). This inflation was driven by rising food and energy prices following Russia's invasion of Ukraine.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Inflation Remains High, Bank of England Interest Rate Hike Likely

Inflation Remains High, Bank of England Interest Rate Hike Likely

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