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spring now comes three weeks earlier than it used to in the 1940s. hello to you, a warm welcome to bbc news. the bank of england has increased interest rates by a quarter of a percentage point, to 1%, as it tries to damp down rising prices. it predicts inflation will rise to more than 10% this year the highest rate since 1982. in a gloomy assessment, the bank has also forecast the economy will contract next year, leaving the uk facing a period of so called stagflation when prices rise quickly, but economic growth is slow. here s our economics correspondent, andy verity. the global economy reopening after a pandemic and a war in ukraine don t ask what that has got to do with the price of cheese. the answer is everything. prices are going up weekly, you know? milk prices have gone up vastly in the last three or four months, butter is going up £5 a case, and then it has gone up another £5 a case. which 0k, it is good forfarmers, they are getting a decent price for their
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