📈 The Bank of England has urged businesses to avoid raising prices, warning that this will fuel inflation, lead to another hike in interest rates and hurt the “least well off” luciemheath reports
The Bank of England has urged businesses to avoid raising prices, warning that it will fuel inflation, lead to another hike in interest rates and hurt the “least well off”.if inflation is not brought under control.
Mr Bailey urged companies to take these forecasts into consideration and avoid setting prices higher than necessary for the rest of the year.It came after figures released earlier in the week showed the, driven largely by the rising cost of food and eating out. Inflation currently sits at 10.4 per cent, which is down from a peak of 11.1 per cent last October but is still more than five times the Bank of England’s target.
In January, Tesco chairman John Allan said that some food firms may be using inflation as an excuse to increase prices further than necessary, however Mr Bailey said he has not seen evidence of businesses doing that.
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