Bank of England interest rate announcement this week - what could happen as inflation fails to fall
manchestereveningnews.co.ukThe Bank of England (BoE) is set to release the new interest rate this week amid new figures that show inflation has failed to fall.
On Thursday, June 22, the BoE is expected to release the new rates at around noon. While it is not clear what decision the bank will make, they now face more pressure to increase the base rate in a drive to bring down inflation.
It comes after new figures from the ONS revealed that inflation has not changed, with the Consumer Prices Index remaining at 8.7 per cent in May - the same it was in April.
This goes against the Bank's goal of dropping inflation and keeping it at 2 per cent. Join our WhatsApp Top Stories and Breaking News group by clicking this link The main tool used by the Bank to bring down inflation is by raising the base rate.
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