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Bank Loan: Inflation set to rise

The Bank of England has warned UK consumers that inflation could rise considerably over the coming months.

With energy bills predicted to increase and VAT set to reach 20 per cent, the Bank has revealed that the consumer price index is likely to hit around 3.5 per cent as the cost of living grows.

However, in its first quarterly inflation report since the spending review, the Bank did claim that the UK economy is unlikely to suffer a double-dip recession and growth forecasts are similar to those made in August.

Sarah Hewin, senior economist at Standard Chartered, was unsurprised by the findings of the report although she did claim the Bank could pump more money into the economy via its quantitative easing programme.

She said: "For us the interesting thing is that inflation is expected to come in below target over the two-year ... forecasting period on unchanged policy, which suggests that the Bank of England is leaving the door open for further quantitative easing."

Inflation is predicted to stay above its two per cent target until the end of 2011 before dropping below the threshold in 2012.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800228773-ADNFCR

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