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let s get down to business now. in just a few hours, the federal reserve america s central bank will make a decision on interest rates. it s pretty clear the cost of borrowing will go up but the question is, byjust how much. our north america business correspondent samira hussain reports from new york in the united states the cost of living has hit the highest level in more than a0 years. everything is more expensive. in the last year, the cost of food and vegetables is of more than 8%. today, £1 of beef is $5. last year it was $a.a0. the price of petrol has skyrocketed by 60%. and this is not a uniquely american problem. great prices are soaring around the world. the federal reserve, like other central banks is raising rates to curb inflation. here on wall street most people believe the policymakers will raise by .75%. but there are those believe the fed may adopt a more aggressive policy and raise the rates by a full percentage point. such is the urgency of combating r ....
Perfect storm. strong demand, supply disruption and on top of that and energy price shock. all of those things push inflation outside the comfort zone. . , ., ., zone. that is what the federal reserve will zone. that is what the federal reserve will try zone. that is what the federal reserve will try to zone. that is what the federal reserve will try to do, - zone. that is what the federal reserve will try to do, get - reserve will try to do, get inflation back into the comfort zone. while 2% may be the goal it could take a while to get there. joining me now from san francisco is scott anderson, chief economist at bank of the west. thank you for being on the programme. so, most believe, of course, that we will see rising interest rates in the us today. by interest rates in the us today. by how much do you think? some out there saying we could see a i% out there saying we could see a 1% rise. i out there saying we could see a 1% rise. ~ .,, ~ , 1% rise. i think most likely we wi ....