Bank of England raises interest rates by 25 basis points to 0.75%

By Ovunc Kutlu

ANKARA (AA) - The Bank of England (BoE) on Thursday raised its interest rates by 25 basis points to 0.75% to fight the record-high inflation.

While the figure hit its highest since March 2020 -- right before COVID-19 was declared a pandemic -- it marks the third consecutive meeting for the BoE making a rate hike.

The central bank raised interest rates twice in the last three months, the latest coming in February with 25 basis points of increase to 0.5%.

The annual inflation in the UK climbed to 5.5% in January, and the BoE aims to tame rising prices with rate hikes.