To counter rising inflation, the Bank of England has been raising interest rates over the past year.
The Bank of England may raise interest rates for the 11th time in a row at its policymakers meeting later this month.
The current inflation rate is 10.1 percent while the current bank rate is four percent.
This would be the bank’s 11th consecutive interest rate hike since policy tightening in December 2021, adding to the pressure on homeowners and businesses.
After an expected rate hike this month, most economists polled by Reuters envisage a rate hike of 4.25 percent to be announced by the Bank of England – a rise to 5.25 percent by the middle of the year.
Global consumer price inflation remains high, although it is likely to peak in several advanced economies, including the United Kingdom.
When is the next interest rate announcement?
The next interest rate announcement will be made on Thursday, March 23.
The Monetary Policy Committee will share its MPC summary and minutes, including current interest rates.
The next monetary policy report is due on May 11.
When was the interest rates announced last?
The final announcement was made on February 2, 2023, when the MPC voted by a majority of 7-2 to raise the interest rate by 0.5 percentage points to four percent.
Will interest rates rise?
Interest rates are expected to rise in 2023.
From December 2021, the Bank of England has increased its interest rate from 0.1 percent to 3.5 percent.
The next hike is due next week on Thursday, March 23, and interest rates are expected to rise to 4.25 percent.
money to market Reports that the market predicts that interest rates will rise to 4.6 percent by July 2023.
During this, moneyweek There are reports that the markets are expecting a hike in interest rates to 5.25 per cent.
capital economics is predicting that the interest rate will remain at four percent before reaching a peak of five percent this year.
The UK is bucking the trend as inflation is already starting to fall in Europe and the US, but is proving much harder to keep under control here, where high energy prices and a weak pound are keeping inflation figures high Food inflation is still above 17 per cent.
Credit: www.standard.co.uk /