The cycle of increases in interest rates by the Bank of England has not been able to stop the rise in prices for the time being
Inflationary pressures continue to hit the world economy. Also in the United Kingdom, despite the fact that the Bank of England is far ahead in the cycle of interest rate hikes, precisely to control the rise in the CPI. This Wednesday, the British National Statistics Office published that May inflation in the country climbed to 9.1%, from 9% the previous month, reaching a maximum of 40 years.
Specifically, it is the highest rate since March 1982. The data is known just a few days after the Bank of England advanced in tightening its monetary policy by executing the fifth consecutive rise in interest rates, with another 25 points rising basic interest rates that left the main interest rate at 1.25%.
They are maximums of the last 13 years. And that the monetary institution put the brakes on (by raising the rate by only 25 basic points in its last movement) in the face of the weakness that the British economy has recently been showing.