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The BoE boss said the bank is facing "the biggest test" of its monetary frame work in 25 years amid the rising cost of living. Earlier this month, the BoE raised interest rates to 1% in attempt to bring down inflation which is at 7%, the highest in three decades. And, in a bleak warning, the Bank are predicting inflation to surpass 10% this year.
The warning comes after the World Bank said expensive food and energy will persist for the next three years due to the war and that it is the "largest commodity shock" since 1970s. âOverall, this amounts to the largest commodity shock weâve experienced since the 1970s. "As was the case then, the shock is being aggravated by a surge in restrictions in trade of food, fuel and fertilisers," said Indermit Gill, a World Bank vice-president.