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Inflation: raising interest rates was never the right medicine – here's why central bankers did it anyway

By Robert Gausden, Senior Lecturer in Economics, University of Portsmouth

Inflation remains too high in the UK. The annual rate of consumer price inflation to September was 6.7%, the same as a month earlier. This is well below the 11.1% peak reached in October 2022, but the failure of inflation to keep falling indicates it is proving far more stubborn than anticipated.

This may prompt the Bank of…

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