UK inflation is expected to fall slower than previously thought as food prices remain stubbornly high, the Bank of England stated, as it raised interest rates for the 12th time in a row.
Seven members of the Monetary Policy Committee (MPC) voted to increase the base interest rate to 4.5% from 4.25%.
Food prices have stayed higher for longer than expected, partly due to Russia’s war in Ukraine and poor harvests in some European countries, ramping up the cost of living for households across the UK.
