Bank of England raises rates as Ukraine war boosts inflation

By DANICA KIRKA
Associated Press

LONDON (AP) — The Bank of England has raised its key interest rate for the third time since December as it pushes ahead faster than other central banks in combating a global wave of inflation that is set to accelerate following Russia’s invasion of Ukraine. The bank boosted its key rate to 0.75% on Thursday after the war in Ukraine pushed oil prices to a 13-year high earlier this month. It comes a day after the U.S. Federal Reserve raised a key rate to tame the worst inflation since the early 1980s. The Bank of England says it now expects inflation to last longer and peak at a higher rate than it did before the war in Ukraine.