Bank of England raises policy rate to 0.75%
Energy price shocks could push headline inflation higher than previously forecast, BoE says
The Bank of England continued its tightening cycle today (March 17), warning the shock to energy prices from Russia’s invasion of Ukraine risked pushing inflation higher.
Policy-makers voted 8–1 in favour of the 25-basis point hike. Deputy governor Jon Cunliffe was the sole dissenter, preferring to leave the rate unchanged.
In February, the BoE estimated that headline consumer price inflation would peak at 7.25% in April. However, today, policy-makers said the shock to commodity prices could
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