The Bank of England has raised its interest rate for the 12th time in a row, once again making borrowing more expensive.
The interest rate has been hiked by 0.25 percentage points and now stands at 4.5%, which will mean mortgages and credit card debt will be more expensive for many.
The monetary policy regulator has been progressively raising rates in an effort to dampen growth and bring under control persistent double-digit inflation, which the latest official figures showed was 10.1%.
Rates were at a low of 0.1% in December 2021 before the cycle of rises began and are now at a high previously not seen since the 2008 global financial crash.
Some economics experts, such as investment bank Goldman Sachs, say the rate could go as high as 5%, though the majority expect the bank will keep the rate at 4.5% for the rest of 2023.
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Other central banks have also been in a fight against inflation with regulators in the eurozone and the United States also upping interest rates to help control price rises.
The cost of goods and services has soared across the world after energy prices spiked following Russia’s invasion of Ukraine and the pandemic caused supply chain bottlenecks.
