The Bank of England announced on Thursday it increased interest rate to 4.25 percent in its 11th consecutive step taken since December 2021 to curb inflation rate standing at 10.4 percent.

In a press statement, the bank’s monetary policy committee said that seven out of nine voted for the move, which reached this level for the first time since October 2008.

The committee changed its expectations on Britain’s growth this year, referring that the Gross Domestic Product (GDP) will avoid a recession and move from 0.4 percent shrink to a growth rate of 0.2 percent during the second quarter of this year.

The committee went to say that it would continue taking all required measures to push inflation rate in the medium run to its normal level at two percent.

The inflation rate increased unexpectedly last month from 10.1 percent to 10.4 percent driven by a rise in foodstuffs, which soared in the last months

Source: Kuwait News Agency