In theory, increasing interest rates reduces the rate of inflation by forcing people to reduce their spending, lowering demand, and ultimately bringing down prices Euanobm explains how raising interest rates lower inflation ⬇️
as borrowing costs are raised up for the 13th time in a row, driving up monthly payments for homeowners., despite widespread predictions that the rate would fall.
In theory, increasing interest rates reduces the rate of inflation by forcing people to reduce their spending, lowering demand, and ultimately bringing down prices.The rate of inflation tells us how much the prices of everyday essentials have increased over a given period of time. The Bank has been increasing the base rate since December 2021 when the combination of Covid-19 and the war in Ukraine caused soaring inflation in the UK and many other countries.However, inflation has remained stubbornly high. In April, the, however the current figure of 8.7 per cent is still far above what economists would consider stable.
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