Bank of England raises interest rate by 50 bps to 4 pc; warns more hikes in the future
London: Bank of England raised interest rate by 50 basis points to 4 percent, the 10th increase since UK’s central bank started hiking in December 2021, bringing the key rate to its highest since 2008, Bloomberg reported.
UK braces for likely biggest rate hike in decades
London/UNI: The Bank of England is expected to announce the biggest hike in interest rates in more than three decades at 12 pm on Thursday local time.
Indian Overseas Bank hikes interest rate on deposits
Chennai-based public sector bank, Indian Overseas Bank, decided to increase the interest rates offered on the medium-term deposits by 05 basis points.
At least 59 pc of inflation increase due to war impact: SBI report
At least 59 percent of the increase in inflation is because of geopolitical conflict. Against the continued increase in inflation, it is now almost certain that RBI will raise rates in the forthcoming June and August policy and will take it to the pre-pandemic level of 5.15 percent by August.
New Delhi: CPI inflation surged to 6.95% on yearly basis in Mar’22 as compared to 6.07% in Feb’22 mainly on account of food price inflation.