International Economy
In May, inflation in the United Kingdom reached 9.1 percent. Archive photo. Photo: Alberto Bezzali
Economics (TT)
The inflation rate in Britain in May reached 9.1 percent, according to the country's statistics authority. This is after prices rose on everything from fuel to consumables. According to analysts, the increase was expected.
This is up from 9.0 percent in the previous month. The inflation rate is the highest in the UK in 40 years.
In mid-June, the Bank of England raised its key interest rate by 25 basis points (0.25 percentage points) to 1.25 percent.
This was the fifth month in a row that the UK's key interest rate has been raised. At the same time, the central bank announced that it expects the inflation rate to exceed 9% in the coming months, and about 11% in October.
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