UK: Inflation at ten-year high sets stage for interest rate rise within weeks

Source: CNN

“Britain looks set to become the first major economy to hike interest rates since the Covid-19 pandemic began after inflation data showed prices rising at the fastest rate in a decade. Driven by higher energy and transport costs, the UK Consumer Prices Index rose by 4.2% in the year to October, according to official data released Wednesday. That’s the biggest jump in the index since November 2011. … October inflation data was even higher than analysts were expecting. The pound edged up against the US dollar and hit its highest level against the euro since February 2020 as investors bet on an increase in UK interest rates.” (11/17/21)