The Bank of England has unexpectedly pushed up interest rates to 5%, the highest rate in almost 15 years.
The 0.5 percentage point increase was the sharpest increase since February, surprising economists who had been expecting a smaller hike of 0.25 percentage points.
Governor of the Bank of England Andrew Bailey said: "The economy is doing better than expected, but inflation is still too high and we've got to deal with it.
