Bank of England likely to raise key interest rate

LONDON (AP) — The Bank of England is likely to raise its key interest rate for the third time since December. It is pushing ahead faster than other central banks in combating a global wave of inflation fueled by soaring energy prices. Economists expect the Bank of England to boost its key rate to 0.75% on Thursday after the war in Ukraine pushed oil prices to a 13-year high earlier this month. The U.S. Federal Reserve raised its benchmark short-term rate on Wednesday to tame the worst inflation since the early 1980s. The European Central Bank last week left its rates unchanged but announced an early exit from its economic stimulus efforts.