Central Banks
BOE Says Inflation May Have Peaked as Rates Hit 14-Year High
- Two of the nine-member rates committee backed no change
- Chancellor appears to drop pressure on BOE for higher rates
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The Bank of England said Britain’s inflation rate may already have peaked and that two of its policy makers believe interest rates are already high enough to drain pricing pressure.
The UK central bank lifted its benchmark lending rate a half point to 3.5%, the ninth increase in a year aimed at taming soaring prices and the highest level since the start of the global financial crisis in 2008.