The United Kingdom has been failing to arrest gigantic inflation in comparison with other developed economies. The inflation rate has remained stuck in the double-digit territory despite restrictive monetary policy from the Bank of England (BoE) and tight fiscal policy from the UK government. Shortage of labor due to early retirement and the Brexit event, and 45-year high food inflation have been major constraints of galloping UK inflation.
The street is anticipating one more 25 bps rate hike from BoE governor Andrew Bailey to continue pressure on stubborn inflation.
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