UK central bank may hike rates after big jump in food prices
1 year, 9 months ago

UK central bank may hike rates after big jump in food prices

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London: Something unexpected may force the Bank of England to approve an 11th consecutive interest rate increase Thursday: a shortage of fresh vegetables. “After two weeks of instability on financial markets, there had been growing expectation that the Bank of England may take a pause in its rate hike journey, and that can’t be ruled out,” said Danni Hewson, head of financial analysis at financial services company AJ Bell. A week ago, the European Central Bank hiked rates by a large half-point, brushing aside the financial market jitters and calling Europe’s banking sector resilient. The February inflation figures came as a “crushing blow” for Britain’s central bank, said Craig Erlam, a senior market analyst for foreign exchange trader OANDA. Investec Economics predicted the Bank of England would opt for a “wait-and-see approach,” keeping rates at 4 per cent while it weighs the fallout from the banking crisis.

History of this topic

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