The Bank of England may need to further increase interest rates as it grapples with higher inflation than the UK’s G7 peers, the IMF predicted, as it set out an outlook that will provide a painful backdrop to the election expected next year.
Pierre-Olivier Gourinchas, IMF chief economist, said in a press conference on Tuesday that rates may need to rise another quarter-point above the current 5.25 per cent, as he warned of “quite persistent” levels of inflation.
Headline consumer price inflation will stand at 7.7 per cent this year in the UK before dropping sharply to 3.7 per cent in 2024, according to the IMF’s latest World Economic Outlook.
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