People pass the Bank of England in London, Sept. 28, 2022.
The rate increase is the Bank of England’s eighth in a row and the biggest since 1992. It comes after the U.S. Federal Reserve on Wednesday announced a fourth consecutive three-quarter point jump as central banks worldwide combat inflation that is eroding living standards and slowing economic growth.Central banks have struggled to contain inflation after initially believing that price increases were being fueled by international factors beyond their control.
The U.K. also has struggled as wholesale gas prices increased fivefold in the 12 months through August. While prices have dropped more than 50% since the August peak, they are likely to rise again during the winter heating season, worsening inflation.
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