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First time in three years: UK Central Bank raises interest rates

Against the backdrop of rising inflation driven by the war in the Middle East, the interest rate in the UK has risen by 0.25%.

Bank of England building in London, 2023
Bank of England building in London, 2023 · Photo: THENvRISE · CC BY-SA 4.0 · Wikimedia Commons

The Bank of England has raised interest rates by 0.25 percentage points to 4%, according to reports today (Wednesday) by ynet and Aftenposten. This is the first interest rate hike in the UK since August 2023. The move aims to curb inflation, which has accelerated to 3.5% following the war in the Middle East and high oil prices. The central bank anticipates that inflation could climb to approximately 5% by the middle of next year. Further details have not yet been released.

Sources: ynet — כלכלה, Aftenposten

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