UK inflation rate: How quickly are prices rising?

When inflation was well above its 2% target, the Bank of England increased interest rates to 5.25%, a 16-year high. The idea is that if you make borrowing more expensive, people have less money to spend. People may also be encouraged to save more.In turn, this reduces demand for goods and slows price rises.But it is a balancing act - increasing borrowing costs risks harming the economy.For example, homeowners…