UK inflation at 10-year high sets stage for interest rate rise within weeks
CNN
Britain looks set to become the first major economy to hike interest rates since the Covid-19 pandemic began after inflation data showed prices rising at the fastest rate in a decade.
Driven by higher energy and transport costs, the UK Consumer Prices Index rose by 4.2% in the year to October, according to official data released Wednesday. That's the biggest jump in the index since November 2011.
A rapid recovery in demand following the easing of Covid-19 restrictions, shortages of goods and workers and soaring energy costs are pushing up prices around the world. The United Kingdom is also feeling the fallout from Brexit, which adds to the cost of doing business with the European Union, its biggest trading partner.
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