The Bank of England has increased interest rates by 25 basis points as anticipated. However, it will face the challenge of dealing with higher-than-anticipated inflation in the future. In March, inflation reached 10.1% in the UK, which was higher than any other Western European nation, as well as the United States. Inflation is expected to decrease to 4% by Q4 2023 due to declining food prices, stabilizing supply chains, and negative base effects from energy costs. By the conclusion of 2024, inflation is projected to be at 2.5% year-over-year, but this will still be 0.5% higher than the United States’ inflation rate.

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