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25 July, 2024
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Inflation in Britain jumped to its highest level in the last 10 years at 5.1%

Bank of England expected to maintain low interest rates

Source: CNA

Inflation in Britain has jumped to a 10-year high due to a sharp rise in prices, according to data released on Wednesday on the eve of the Bank of England's decision on interest rates.

Annual inflation jumped to 5.1% in November, after rising 4.2% in October, according to the National Statistics Office (ONS).

This is the highest level since September 2011, with inflationary pressures partly due to the jump in fuel costs.

The Bank of England, whose main task is to keep inflation close to 2.0%, is, however, expected to maintain the historically low interest rates on Thursday due to the economic turmoil caused by the new Omicron coronavirus mutation.

Central banks often use interest rate hikes to curb high inflation, which, in turn, burdens companies and consumers around the world.

Cyprus  |  UK  |  Britain  |  economy

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