London: The Bank of England has raised interest rates by 50 basis points to five percent. This is the highest level in 15 years. The latest hike in the interest rate is the 13th in a row. It comes amid UK's inflation rate staying at 8.7 per cent which is well above the bank's two

per cent target.

The bank said, higher inflation necessitated acting faster to bring prices under control. The move will lead to higher repayments for people with loans and many mortgage holders.

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