A statement released after the announcement of the rise alluded to elevated inflation as predictably the main reason
Prices remain high due to imbalances in supply and demand related to the pandemic, with food and energy costs also keeping inflation high.necessary to raise rates again to achieve that longer term aimThe move to increase rates was taken even though the statement alluded to modest growth, following last week’s estimated figure of 2.6% of growth for the third quarter of this year, a rebound from two quarters of economic contraction.
Over December and January, the financial giant expects that the rate will be tapered to a 0.50% and 0.25% rise respectively, reaching a peak rate of 4.625%.
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