Bank of England warns inflation will hit 4% this year but holds interest rates

Monetary policy committee resists pressure to increase the cost of borrowing to calm rising prices

The Bank of England has predicted that UK inflation will hit 4% by the end of this year, as it left interest rates at their historic low of 0.1%.

, Bank of England warns inflation will hit 4% this year but holds interest rates, The Nzuchi Times Guardian

Central bank policymakers forecast that UK inflation would rise to 4% in the fourth quarter of 2021, double the Bank’s 2% goal, largely due to higher energy and other goods prices. Inflation hit 2.5% in June, and the Bank had predicted in June it would rise above 3% this year.

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