The Bank of England on Thursday hiked interest rates 50 basis points to 1.75%, the biggest rise in 27 years, as the UK faces the highest level of inflation in 40 years.
The UK inflation was 9.4% in June, with the British central bank projecting it to hit over 13% before the end of 2022, SIA cites foreign media.
"Inflationary pressures in the UK and the rest of Europe have intensified significantly since the May monetary policy report," the bank said, adding it largely reflects a near doubling in wholesale gas prices since May due Russia’s curb of gas supplies to Europe.
The gross domestic product growth in the UK is slowing, the Bank of England said, and rising gas prices has caused "another significant deterioration in the outlook for activity in the country."
The bank expected the UK to enter a recession from the fourth quarter of 2022.
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