Britain has seen its biggest interest rate rise in 27 years, with inflation hitting 13 per cent.
The Bank of England has raised interest rates from 1.25 percent to 1.75 percent.
Earlier in 2008, the interest rate was fixed at 1.25 percent.
According to the report of a foreign news agency, central banks around the world are increasing interest rates to control rising inflation.
“Our first priority is to get inflation back to 2 percent,” Bank of England Governor Andrew Bailey said.
Inflation is estimated at 13.3 percent in October this year in Great Britain, which will be the highest rate of inflation since 1980.
