(Bloomberg) -- Traders are betting on two percentage points more of Bank of England rate hikes after UK inflation data beat expectations.
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Money markets are pricing over 200 basis points of tightening by May next year, which would take the key rate from 1.75% to 3.75%.
UK inflation accelerated more than expected last month to the highest in 40 years, intensifying a squeeze on consumers and adding to pressure for action from the government and BOE.
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