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Inflation set to hit record high


Inflation will reach its highest level on record this year, new research by City analysts suggests. Soaring energy bills will see the rate hit 6.8% in April, according to Goldman Sachs, with analysts at the bank warning that inflation could climb further if the Omicron coronavirus variant adds to pressure on global supply chains. The Bank of England (BoE) thinks the rise in the cost of living will peak at 6%, exceeding a high of 5.2% for the consumer price index. The Goldman analysts say a jump in inflation could prompt the BoE to increase interest rates to 1.0%, a level not seen since February 2009 in the immediate aftermath of the financial crisis.

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