UK Inflation Rate Remains High, BoE Considering Interest Rate Hikes

The core inflation rate, which excludes volatile prices, has even risen from 6.8% to 7.1%.

This is causing concern for the Bank of England, which may raise interest rates again, putting pressure on mortgage borrowers and potentially affecting the housing market and the wider economy.

The Prime Minister's pledge to halve inflation and keep the economy growing may also be at risk due to these developments.

Inflation is proving to be difficult to control and this could have significant consequences for the UK economy.