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Published 3 months ago

Bank of England ends run of 14 straight interest rate hikes after cooler-than-expected inflation

  • The Bank of England has recently halted its streak of interest rate hikes as new data reveals that inflation is lower than expected. This comes after a consistent increase in interest rates since December 2021, which aimed to control inflation.
  • The decision to pause the interest rate hiking cycle was influenced by lower-than-expected U.K. Inflation figures for August. The annual rise in the consumer price index was lower than predicted, dipping to 6.7% from 6.8% in July. Core inflation also dropped from 6.9% to 6.2%.
  • The Bank of England had to carefully balance its efforts to bring inflation under control with the risk of pushing the strong economy into recession. The recent decline in core inflation suggests that the previous rate hikes were effective, and further increases could jeopardize the fragile economy.
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