Gilt yields surged after the Office for National Statistics revealed that the cost of living is seeing double-digit increases for the first time in 40 years.
Economists said it was now all but certain that the Bank's Monetary Policy Committee will be forced to push through another half-point hike in its main lending rate, lifting it to 2.25 per cent, when it meets again next month.
The bigger than expected rise in the Consumer Prices Index in the year to July was driven largely by the soaring cost of food and drink which went up by 2.3 per cent in a single month and 12.7 per cent in a year.
But the markets were more hawkish indicating that rates will now have to go as high as 3.75 per cent by May.
This story is from the August 17, 2022 edition of Evening Standard.
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This story is from the August 17, 2022 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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