UK inflation in shock rise, dashing rate cut hopes

British annual inflation unexpectedly picked up in December, data showed Wednesday, dashing hopes of an early cut to UK interest rates and prolonging a cost-of-living squeeze before an election.The BoE has lifted interest rates to a 15-year peak in a bid to dampen inflation, worsening a cost-of-living crisis as commercial lenders mirror the higher loan costs to businesses and consumers.

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