The Bank of England, the central bank of the United Kingdom, has decided to raise the policy rate to 1.0% in order to curb record inflation.
The interest rate has been raised four times in a row, and the policy interest rate has reached its highest level in about 13 years.
The Bank of England announced on the 5th that it has decided to raise the policy interest rate by 0.25% to 1.0% as a result of the regular meeting held until the day before.
This is the fourth consecutive rate hike following the March meeting, and the policy rate has risen for the first time in about 13 years since 2009.
At the meeting, all nine members supported the rate hike, three of whom argued for a larger 0.5% rate hike.
In the United Kingdom, the consumer price index rose 7.0% in March, the highest level in 30 years, coupled with the rise in energy prices triggered by Russia's invasion of Ukraine.
The Bank of England forecasts that inflation will peak from October to December, slightly above 10%, and will tighten monetary policy to urgently curb inflation.
On the 4th, the US Federal Reserve Board raised rates by 0.5% for the first time in 22 years, and central banks in Brazil, India and Australia have decided to raise rates one after another earlier this month. As a result, countries are under pressure to respond to accelerating inflation.