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Bank of England announces rate hike from pandemic-era lows
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cnbc.comLONDON — The Bank of England on Thursday hiked interest rates for the first time since the onset of the pandemic, increasing its main interest rate to 0.25% from its historic low of 0.1% as inflation pressures mount.
U.K. inflation hit a 10-year high in November as the Consumer Price Index rose by an annual 5.1%, up from 4.2% in October and well above the central bank's target of 2%. The Bank now expects inflation to remain at around 5% through the majority of the winter period, peaking at around 6% in April 2022%.
Meanwhile, the labor market recovery has remained robust, with 257,000 staff added to payrolls in November, even after the end of the country's furlough scheme.
After the Bank surprised markets by avoiding a rate hike in
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