The Bank of England is confronting some stark and uncomfortable facts. Not since 1977 have British households faced food prices rising at a faster pace, while the headline rate of inflation is stuck above 10% – higher than in any other G7 nation.
It is against this backdrop that City economists reckon the central bank will raise interest rates for a 12th consecutive time on Thursday, with predictions for a quarter-point rise from the current level of 4.25%.
