Bank of England Raises Interest Rate to 1%

What has the interest rate changed to? The interest rate has been increased to 1% by the Bank of England. Will this continue to rise?

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A tweet out from official Bank of England Twitter account stated:

Higher energy and goods prices have pushed inflation to 7%, and we expect inflation to rise further to around 10% this year. We’ve put up interest rates to help inflation return to our 2% target. We may need to increase interest rates further in the coming months. But that all depends on what happens in the economy.” source Twitter

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