Bank under pressure as inflation balloons

The Bank of England is under pressure to scale back its emergency stimulus measures after inflation surged to the highest level for almost a decade following a jump in oil costs and chaos in the supply chain. Prices rose by 3.2 per cent last month, their fastest annual increase since 2012. That is up from 2 per cent in July, marking the sharpest month-on-month rise in the consumer price index since the Office for National Statistics started measuring it in 1997.

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