The Bank of England is forecast Thursday to deliver its twelfth straight interest rate hike as it seeks to dampen high inflation but risks worsening a cost-of-living crisis. It is expected to lift the key rate by 25 basis points to 4.5 percent, matching the previous March hike and taking borrowing costs to a level last seen in 2008 during the early stages of the global financial crisis.

Inflation-fighting Bank of England set for 12th straight interest rate hike

The U.S. Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signalling more hikes to come.

U.S. Federal Reserve raises interest rate for 7th time this years

Central bank FED has hiked interest rates in succession but now the minutes of last month's policy meetings show that there is little evidence that US inflation pressures were easing and settled.

Fed minutes show more rate hikes in the pipeline, but pace could slow