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4/22, 4:55 PM (Source: TeleTrader)
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BoE's Bailey: UK inflation to rise due to energy crisis

Bank of England Governor Andrew Bailey warned on Friday that the inflation in the United Kingdom would continue to increase due to the global energy crisis fueled by the war in Ukraine.

Commenting on the strength of the inflation, Bailey said during a meeting organized by the International Monetary Fund and the World Bank that energy prices would majorly dictate the growth of consumer prices.

The UK saw annual inflation of 7% last month, the highest in three decades. The Bank of England will follow up with a tightening monetary policy following interest rate hikes this year, Bailey added.

Baha Breaking News (BBN) / ND