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    Vikshita Vitthal Gujaran in News

    03-Nov-2022 11:42 AM


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    UK poised to enact biggest interest rate hike in 3 decades

    Central banks have struggled to contain inflation after initially believing that price increases were being fueled by international factors beyond their control.
    Europe has been particularly hard hit by a jump in natural gas prices as Russia responded to Western sanctions and support for Ukraine by curtailing shipments of the fuel used to heat homes, generate electricity and power industry and European nations competed for alternative supplies on global markets.
    While prices have dropped more than 50% since the August peak, they are likely to rise again during the winter heating season, worsening inflation.
    While some supply chain costs are beginning to fall, this is more than offset by the cost of energy, meaning a difficult time ahead for retailers and households alike,” said Helen Dickinson, the consortium's chief executive.
    Against this backdrop, Bank of England Gov. Andrew Bailey said last month that policymakers “will not hesitate” to raise interest rates to return inflation to the bank's 2% target. “

    Source - India TV

    #uk #interestrate #interest