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Is that the reserve bank of australia now has a stronger case to increase borrowing costs. so far, interest rates in australia have remained at emergency lows, even as other major economies in this region like south korea, new zealand raised their interest rates several times. australia has a key election in just a few weeks, and the cost of living crisis has been very much at the heart of the political debate there. voters are feeling those inflation pressures from the war in ukraine and from those pandemic related supply chain disruptions, so with this latest batch of data, this means that the question is no longer whether to raise interest rates but when? some analysts are saying that the rate hike could come already next week. stay with us on bbc news, still to come: how the war in ukraine has created ....
Then after the global financial crisis they dropped to what is supposed to be emergency levels of 0.5% and they stayed there ever since more or less, dropping and rising just a little bit. the markets are now predicting the official rate will get up to one percentage point byjune, the highest it has been for 13 years. it is the first time interest rates have risen twice in a row since 2004, but that is only because since the financial crisis they have been at emergency lows. it s your energy bill, not your mortgage bill that you need to steal yourself most to open. andy verity, bbc news. i m joined by liz martins, an economist from hsbc. this is going to have a worrying effect for anyone with a mortgage, evenif effect for anyone with a mortgage, even if they are not on a variable or a tracker, if they are looking to change their mortgage in the coming year, it will be very difficult for lots of people? i year, it will be very difficult for lots of people? year, it will be very difficu ....
Dropping and rising just a little bit. the markets are now predicting the official rate will get up to one percentage point byjune, the highest it has been for 13 years. it is the first time interest rates have risen twice in a row since 2004, but that is only because since the financial crisis they have been at emergency lows. it s your energy bill, not your mortgage bill that you need to steal yourself most to open. andy verity, bbc news. well, the governor of the bank of england has told the bbc that workers negotiating their pay this year should not ask for too high a rise in order to help bring inflation under control. mr bailey said he was concerned that rising inflation would become ingrained in the economy. he s been speaking to our economics editor, faisal islam. we have seen food commodity prices going up. it s worth remembering that for some food, some basic foodstuffs, last summer was a very ....
Little bit. the markets are now predicting the official will get up to one percentage point byjune, the highest it has been for 13 years. it is the first time interest rates have risen twice in a row since 2004, but that is only because since the financial crisis they have been at emergency lows. it is your energy bill, not your mortgage bill that you need to steal yourself most to open. andy verity, bbc news. and andy is with me now. the bank of england are worried about inflation and households are facing a huge cost of living squeeze come april? that s right, so you have got the energy price cap being lifted, so much higher energy bills, and you have also got the interest rate rise. it is important to note that only a small minority of households have variable rate mortgages, less than 9% of all households. nevertheless, for them that is quite a burden to deal with. on top of ....
Prices rising faster than they have in 30 years, up 6.5%. the bank of england has decided it is time to act to try to stop inflation getting out of control. since the monetary policy committee first slashed interest rates to emergency lows in the wake of the financial crisis, they have had well over 100 meetings and they ve only raised interest rates in three of them. they are doing it now because they are predicting inflation will get up to 6%, the highest it has been since 1992. one big reason why is we are seeing further upward pressure on wholesale gas prices, so they went up a lot obviously post,august, came off a bit, they are going up a bit. this is directly related to some of the tensions we are seeing on the border between russia and ukraine, where a lot of europe s gas supply comes through, and that will feed ....