The Bank of England on Thursday raised interest rates by a quarter of a percentage point to 4.5 per cent, and warned it would not hit its inflation target until 2025.
A seven to two majority on the central bank’s Monetary Policy Committee took rates to the highest level since 2008, as the BoE admitted it had underestimated the strength and persistence of food price rises.
Instead of inflation falling below its 2 per cent target within a year, which the BoE had forecast, the central bank now thinks it will only hit the goal at the start of 2025, after the latest date of the next general election.
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