officials at the united state s central bank think inflation is going to remain uncomfortably high in america for some time. that s according to the minutes of the last fed meeting where monetary policy is set. the bbc s north america business correspondent samira hussain reports. if anyone thought most recent price hike which showed no inflation injuly was the new normal the federal reserve is here to tell you otherwise. the latest minute shows that the committee that sets monetary policy in the us was unanimous that prices are going to keep going up for months to come. that means everyone should expect more interest rate rises as well. the committee height interest rates by three quarters of a percentage point last month, another rate hike in september seems almost certain. the only question is by how much? the minutes show at least some on the committee thank that their efforts to tame inflation may be starting to have some effect. based on the market response that has
officials at the united state s central bank think inflation is going to remain uncomfortably high in america for some time. that s according to the minutes of the last fed meeting where monetary policy is set. the bbc s north america business correspondent samira hussain reports. if anyone thought most recent price hike which showed no inflation injuly was the new normal the federal reserve is here to tell you otherwise. the latest minute shows that the committee that sets monetary policy in the us was unanimous that prices are going to keep going up for months to come. that means everyone should expect more interest rate rises as well. the committee height interest rates by three quarters of a percentage point last month, another rate hike in september seems almost certain. the only question is by how much? the minutes show at least some on the committee
of these absolutely critical assumptions, you can end up with very different numbers. so the range of uncertainty in forecasting at the moment is very, very high. for the months to come, it looks like prices are only heading in one direction. caroline davies, bbc news. if you can see that number on your screen. the latest breaking news that inflation is now at 10.i%. it was 10.1% injuly. we had been talking about the possibility of it going in double figures and it has tipped over into 10.i%. that is more thanit tipped over into 10.i%. that is more than it has been in decades. let s get the latest on those figures from nina now, who s at a wholesale market in birmingham for us this morning. 10.196 io.i% inflation. 10.196 inflation. i think it is important 10.196 inflation. i think it is important to 10.196 inflation. i think it is important to go 10.196 inflation. i think it is important to go over - 10.196 inflation. i think it is
figures show we are all 3% worse off when you factor in inflation and take away any bonuses. really important to say this is before we get the next hike in prices when it comes to dualfuel energy get the next hike in prices when it comes to dual fuel energy bills. the average set to go above £4200 come the winter. in the meantime, we are looking at how many businesses can take it. many of them telling us this morning the margins are getting fine and fine. we are standing on shifting sand i do not know what is coming next. making those predictions is a key part of business formula. we do not have that at the moment. there is a long and difficult winter and head for most people. and difficult winter and head for most maple- and difficult winter and head for most eole. . ., , most people. reflecting on the news that the rate most people. reflecting on the news that the rate of most people. reflecting on the news that the rate of inflation most people. reflecting on the news that