The Bank of England raised interest rates
The Bank of England made this increase in an effort to reduce living costs. This decision to raise interest rates from 4 percent to 4.25 percent came after statistics showed a higher-than-expected rise in prices due to increased food prices.
Inflation has reached its highest rate in forty years in England. This rate increase comes despite concerns about a crisis in the global financial system following the collapse of two American banks.
Yesterday, the Federal Reserve also cautiously raised its interest rate slightly. The announced interest rate from this bank is now between 4.75 to 5 percent, whereas a year ago, it was close to zero.