Prices to be higher for longer, Bank of England warns

The Bank of England issued a warning that elevated food costs will result in a prolonged period of higher prices, as it raised interest rates for the twelfth consecutive time.

The interest rates were increased from 4.25% to 4.5%, reaching the highest level in nearly 15 years, in an effort to combat inflation, the BBC reported.

Bank Governor Andrew Bailey, speaking to the BBC, highlighted the extended duration it is taking for food prices to decrease.

"UK interest rates: Prices to be higher for longer, Bank of England warns"
READ MORE: https://www.bbc.com/news/business-65554797

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