Inflation rises at fastest rate since 1997

inflation rises at fastest rate since 1997

Sumary of Inflation rises at fastest rate since 1997:

  • Inflation rose from 2 per cent in July to 3.2 per cent in August, according to the Office for National Statistics (ONS) – the biggest spike since 1997.It will spark fears that it could run out of control and put pressure on the Bank of England to raise interest rates.
  • Rising prices: Inflation rose from 2 per cent in July to 3.2 per cent in August, according to the Office for National StatisticsThe Bank slashed rates to a record low of 0.1 per cent last year to encourage spending, and injected cash into the economy via a £895billion money-printing programme.
  • ’Because of temporary factors, the Bank is not expected to start raising interest rates until next year.

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