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UK inflation hits 9.4%, bolstering bets on big BoE rate hike

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Reuters UK

By Andy Bruce and William Schomberg LONDON (Reuters) – Surging petrol and food prices last month pushed British inflation to its highest rate in 40 years, according to official figures that bolstered the chances of a rare half percentage-point Bank of England interest rate hike next month. The Office for National Statistics said annual consumer price inflation rose in June to 9.4%, the highest since February 1982, up from May’s 9.1% and above the 9.3% consensus in a Reuters poll of economists. The latest increase means Britain had the highest rate of inflation seen in any Group of Seven advanc…

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