A quarter-percentage-point rate hike expected Thursday would not be enough to combat price increases fueling inflation at its highest level in 40 years, according to analysts at the Bank of England.
U.K.'s central bank raised interest rates sooner than its counterparts, but it now trails the Federal Reserve in its fight against inflation caused by food and energy price increases.
Three-quarters of a percentage point was added to the benchmark lending rate by the Fed on Wednesday, pushing it up to a range of 1.5% and 1.75%.
Following four consecutive quarter-point increases beginning in December, the Bank of England's key interest rate is currently 1%.
16 June 2022
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