U.K.: Inflation rate at ten-year high

The Bank of England has been forced to formally explain the soaring inflation rate after it hit a ten-year high.

…Mr King said that the rise in inflation was partly due to an “unexpectedly sharp” increase in the domestic energy crisis last year as well as rising food prices.


The letter also said that the Bank’s Monetary Policy Committee (MPC) expected CPI to fall back within target in “a matter of months”.

But he added that the committee’s next meeting would consider “very carefully” whether other upward pressure on inflation was materialising.

ITV News