London - Agencies:
Britain's annual inflation rate rose unexpectedly to 4 percent in December 2023 from a nearly two-year low of 3.9 percent in November, and higher than market expectations of 3.8 percent.
British Finance Minister Jeremy Hunt said in a statement, “As we have seen in the United States, France and Germany, inflation does not fall in a straight line, but our plan is working and we must stick to it.”
He added, "We have made difficult decisions to control borrowing and are now turning the corner, so we need to continue on the path we have set, including boosting growth with more competitive tax levels."
The Bank of England will hold its next monetary policy meeting on February 1, after raising interest rates rapidly over the past two years in an attempt to curb inflation.
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