BoE inflation report suggests rate hike

The Bank of England looks set to raise rates to 6%, after its August inflation report, released on 8 August, indicated that further hikes were needed to bring inflation down towards the 2% target.

The report said that inflation was likely to stay above the target rate in the medium term if left unchecked.

Mervyn King, the governor of the central bank, said there continues to be "greater-than-usual uncertainty about the outlook for inflation" and that risks remain "a little on the upside."

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