The BOE raises interest rates by 0.25% as expected after inflation hits 30-year highs.

The BOE raised interest rates at three meetings in a row. Amid concerns about inflation After the Russian troops invaded Ukraine.

Inflation in Britain hit 5.5% in January, the highest level in 30 years, before the war between Russia and Ukraine on Feb 24.

Most recently, inflation in Britain hit 7.1 percent in February, the highest level in 30 years, or since March 1992. and above the BOE’s 2% inflation target.

The BOE forecast inflation would hit 7.25% in April and said further rate hikes would depend on medium-term inflation outlook.

Earlier, the BOE raised its policy rate by 0.25% to 0.50% at its February meeting. This was the second interest rate hike in three months and the first two meetings of interest rate hikes since 2004.

After the BoE raised its policy interest rate to 0.25% at its December 21 meeting from 0.1%, the lowest level on record. resulting in BOE It was the world’s first major central bank to raise interest rates for the first time since the COVID-19 outbreak in early 2020.