How a rise in interest rates affects you and your money
Individual banks and building societies usually pass on interest rate rises to customers. The deals being offered now areAnalysts say that people should shop around for a better savings rate, with many paid little or nothing in interest in many accounts. Major banks have been under pressure from MPs to pass on rate rises.
Many firms experienced problems getting enough goods to sell. Oil and gas costs were higher than they had been - a problem made worse by Russia's invasion of Ukraine.
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