The Bank of England raised interest rates by 0.5 percentage points to 4 per cent as the Monetary Policy Committee met for the first time this year.
In a statement, the MPC said: “Global consumer price inflation remains high, although it is likely to have peaked across many advanced economies, including in the United Kingdom.
“Wholesale gas prices have fallen recently and global supply chain disruption appears to have eased amid a slowing in global demand.”
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