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Business and Money Inflation 'to reach 3.7 per cent'

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Last Modified: 14 May 2008
By: Faisal Islam

The Bank of England warns that inflation could peak at 3.7 per cent later in 2008. Faisal Islam reports.

If you think prices have already rocketed, brace yourselves: the Bank of England governor has warned inflation could spike as high as 3.7 per cent this year.

Mervyn King said the impact of soaring energy bills, food and imports would squeeze take-home pay, which in turn could hamper the economy as a whole.

And he predicted inflation was likely to stay above three per cent well into next year, prompting a series of official letters from the bank to the chancellor, explaining the reasons why.

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credit: Reuters

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