Bank of England raises key interest rate to combat inflation

LONDON (AP) — The Bank of England has raised its key interest rate for the third time since December as it pushes ahead faster than other central banks in combating a global wave of inflation fueled by soaring energy prices. The bank boosted its key rate to 0.75% on Thursday after Russia’s war in Ukraine pushed oil prices to a 13-year high earlier this month. It voted 8-1 in favor of the increase. It comes a day after the U.S. Federal Reserve raised its benchmark short-term rate to tame the worst inflation since the early 1980s.