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Here in the uk, the bank of england has increased interest rates by 0.25% to 0.75%. it comes a day after the federal reserve lifted us borrowing costs for the first time since 2018, as the war in ukraine pushes prices upwards. let's get more on this from our economics correspondent andy verity. is this what was expected, broadly? yes, most economist did expect interest rates to rise. when you look at the rate of inflation, 5.5%, it is well above target and if you look at the old—fashioned index of inflation, the retail prices and tricks, it is running at 7.8%. so in those circumstances the i...

Up quite a bit. and had already been, you know, in terms of a barrel price at around $90, even before ukraine started, and once ukraine started, obviously, and then with the ban on oil here in the united states, that only added fuel to the fire, so we now have an oil price and a gas price that's gone a little bit parabolic. >> i remember when i was living in college, living in atlanta, georgia, and the lowest gas price i remember seeing was $0.75 in the '90s. i don't know that we'll ever go back to those prices, but you know, something interesting, and i learned this from you, oil companies do...

Blended gasoline. is that something, you mention that a menu of options. something specifically that the white house is considering? >> in the menu of options. >> any comment on maryland moving towards suspension of their state's gasoline tax? >> there are a number of other states who have taken that step. again, there's a range of domestic options. i would note that from the federal standpoint, the gasoline tax is about $0.18, right. so we are also looking at a range of options that might have different types of impacts. >> brought up $0.18. is that because -- it wouldn't have much of an impa...

Month's rise and today they were increased again to 0.75%, though the bank suggested they would not go up as fast as expected from here. last month the bank predicted that inflation was already heading for 30 year highs above 7%, well above the bank's target of 2%, but now after the invasion of ukraine, energy prices have gone even higher, pushing forecasts above 8%, and with the energy price cap set to go up again in october, that could top 10% by the end of the year. what you can see very clearly here and on household energy bills up and down the country is just the start of an energy price ...

He agrees with president biden that russian war crimes are being committed in ukraine: intentionally targeting civilians is a war crime and for all the destruction of the past few weeks i find it difficult to conclude that the russians are doing otherwise. 1more pressure on household finances in the uk, as the bank more pressure on household finances in the uk, as the bank of england raises interest rates to 0.75 per cent. the third rise, in four months. and, a family united at last... after a british—iranian woman is returned to the uk, following years in detention in tehran.. let's get the...