going up? yes, really, this is a question of fairness a general feeling that the banks are taking more than they re giving back. let s go back to the beginning the reason interest rates are soaring compared to recent years is because of this number, inflation the rate prices have been rising at remains stubbornly high. enemy number one as the bank of england and the government now describe it. the main weapon the bank has to bring down the price rises is to put up the base rate of interest now at 5%, which is a 15 year high. that makes it more expensive to borrow money ? and has a direct impact on hundreds of thousands of people with fixed term mortgages coming to an end this year. it s also is supposed to take money out of the economy by encouraging people to save. but here 5 the problem critics of the high street banks point to this graph, which shows how mortgage rates have gone up pretty quickly in response to the rise in the base rate.
the latest inflation report. some economists are warning the expected drop in inflation will still not be large enough to cause the federal reserve to halt their interest rate hikes. all of this despite americans struggling with record credit card debt and growing concerns over the banking system. allianz chief economic adviser is here and on set with us in new york. great to see you, muhammad. what do we know about the inflation report? i think as american consumers we are feeling the sky high inflation. we are paying for it in some way or another. so prices come down in this report, like they are expected to do, this is going to be a good indication what s going to happen next with the federal reserve. how are you watching all this? the inflation rate, the rate prices go up is expected to come down from 6% to about 5.5%, that s the good news. but stops there. 5.5% is way too high. that robs us from purchasing
most vulnerable. later we will ask you to give most vulnerable. later we will ask you to give to most vulnerable. later we will ask you to give to some most vulnerable. later we will ask you to give to some solutions - most vulnerable. later we will ask you to give to some solutions to i you to give to some solutions to that programme, but thank you for your thoughts just now. this morning, we re trying to work out when most people can expect to better off after years of hard times for many. in a second, we ll talk to michael gove. but one of the hard things is that the crystal ball is a bit dodgy when it comes to predicting what might happen. the office for budget responsibilty, set up in 2010, every six months tells governments and the rest of us how much the economy s likely to shrink or grown by their sums, so how much money the government s got to play with. it s important, they independently check the government s sums for us all, but the reality is, their forecasts often t
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