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Story summary
- Rising oil and gas prices threaten UK inflation, with forecasts of multiple 2026 rate hikes.
- The Bank of England faces pressure to raise rates as energy costs push inflation toward the 2% target.
- Analysts expect BoE to cut rates only once this year, balancing inflation risks against labor weakness.
- Market reactions to political events, including comments from U.S. President Donald Trump, can shift rate expectations.
