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Keeping the lid on inflation
Keeping the lid on inflation
Last Modified: 17 Jun 2008
By:
Faisal Islam
With prices spiralling upwards and the Bank of England warning of four per cent inflation, Faisal Islam asks if the genie can be kept in its bottle?
Food prices up; oil at record levels and even higher gas and electricity bills on the way.
It's all pushed inflation to its highest level since Labour came to power eleven years ago.
And the Bank of England have warned it could top four per cent later this year.
Inflation hit 3.3 per cent last month triggering an official letter from the banks' governor to the chancellor explaining its response.
There was no hint of an immediate hike in interest rates, but Mervyn King does expect slow growth for the rest of this year.
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