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The fresh inflation numbers this morning are unlikely to seal a 0.5% rate hike in August thinks Paul Dales, chief UK economist at Capital Economics.

“Even so, we still think the Bank will raise rates from 1.25% now to 3% next year. That remains a higher forecast than the peak of 2% envisaged by the consensus of analysts.”

The UK economy is now in a vicious cycle where the number of exit doors have reduced to just one says Samuel Fuller, director of Financial Markets Online.

“In the space of six months the country has lurched from faith in the temporary nature of inflation to a question of when, not if, rates must rise.”

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