World News | BoE hikes rates like Fed amid financial turmoil

LONDON, March 23 (AP) – The Bank of England focused on inflation, announcing its 11th straight rate hike despite concerns about the economic impact of problems in the global financial system.

The Bank of England raised its key interest rate by 25 basis points to 4.25% on Thursday, a day after the U.S. Federal Reserve approved a similar move to curb inflation that is weighing on household budgets and slowing economic growth.

Read also | Vladimir Putin is traveling with a body double; video goes viral on Russian social media.

The decision came after the ONS unexpectedly reported on Wednesday that inflation accelerated to 10.4% in February, driven by the cost of food, clothing and eating out.

Ahead of the data, many analysts had expected the BoE to keep rates on hold following the collapse of two U.S. banks and the ensuing turmoil at Credit Suisse. (Associated Press)

Read also | Chinese President Xi Jinping’s trip to Russia, vying for leadership in the non-Western world, Chinese media report.

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)