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UK inflation hits 3.8%


UK inflation hits 3.8%


Soaring food and fuel prices pushed Britain’s inflation rate to nearly double the Bank of England’s 2% target in June. Consumer price inflation rose more than expected to 3.8% from 3.3% in May.

The new official data has boosting talk of interest rate hikes ahead. However the central bank’s policymakers face a dilemma as two surveys just released indicate the UK economy is on the verge of a marked economic slowdown.

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