Tuesday, June 18, 2024

The Bank of England expects inflation to rise in the UK due to energy prices

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Economy, UK, Inflation, UK

The Bank of England has warned that inflation will worsen “significantly” as inflation is expected to be 5% higher in April due to skyrocketing energy prices than the targeted rate.

This came in the words of Ben Bradbent, deputy governor of monetary policy, before a meeting of the central bank’s policy committee next week, during which the Bank of England may decide to raise the historically low interest rate or leave it at that. .

An intensification between European countries after the suspension of electricity supply in light of the energy crisis
Broadband said, Inflation will rise And when the UK Office of Gas and Electric Markets, the company that regulates energy markets, decides to raise limits on domestic energy prices, the AFP said.

“When the retail energy price ceiling is adjusted next April (inflation) it is likely to comfortably cross 5%,” the central bank official added, in a speech in Leeds, in the north of England.

The UK Gas and Electricity Market Office has already raised the ceiling Energy prices In October, a reduction in fixed variable tariffs for electricity and gas suppliers.
Inflation - Sputnik Arab, 1920, 25.08.2021

Economic inflation.
As a result, he jumped Inflation rate In the UK, October was nearing a 10-year high, supported by increased demand after lockdowns.

At the time, CPI rose to 4.2% from 3.1% in September, more than double the BoE’s target of 2%.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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