Wholesale energy costs currently remain below their conflict era peaks, raising hopes that the worst inflation is behind us.However, there remains a lack of clarity on the support for energy bills beyond April, when the price guarantee will be reviewed. Further information could come in the chancellor's autumn statement to MPs due on Thursday.
"With more news of inflation today, it's the number one thing on people's minds. It's the thing that's causing most anxiety, opening up bills, the emails come in with rising prices. And that's why it's right that we grip it." Policymakers were tipped, by financial markets, to impose a further 0.5 percentage points increase to Bank rate when its rate-setting committee meets again next month.But the higher than expected inflation figure could mean a more aggressive rate rise is considered - piling even more misery on borrowers after November's 0.75 percentage point hike.The Bank has signalled that curbing inflation is its priority despite revealing last month that it expected the country was already in recession.
"Every day sees still more stories of people selling their possessions, or borrowing money at punishing interest rates, just to afford these essentials."
pkelso In Germany it's 11.6%, Belgium 13.1% and the Netherlands 16.8% and in the EU as a whole it's 11%, so when put into context we're on a par with the rest of Europe and better off than some
pkelso ToriesOutNow
Energy prices - war - this war is all about money laundering - Biggest scandal in our life time is about to get much worse - this exposes the money laundering that is the Ukrainian war - a real eye opener -