London, December 15 (QNA) – The Bank of England has raised interest rates by 0.5 percentage points to 3.5%, the highest since 2008, in an effort to combat double-digit inflation.

The increase, the ninth in one year, marked a slowdown from the 75 basis point increase in November.

Inflation in UK reached 11.1 percent, 41 years highest, last October, and slowed in November to 10.7 percent.

(QNA)

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