Cointime update: The Bank of England raised its benchmark interest rate by 25 basis points to 4.00% on November 5, its first increase since August 2023 and in line with market expectations. UK consumer price inflation rose to 3.5% year on year in September from 3.1% in August, with services and core inflation still elevated. Governor Andrew Bailey called inflation persistently above target “extremely frustrating,” while markets remain divided on the path ahead.
Bank of England Raises Rates to 4.00%, First Hike Since 2023
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