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Energy price hikes take toll on inflation

Soaring gas and electricity bills are expected to send inflation above the Bank of England's target of 2 per cent today.

Inflation rose at its fastest rate for almost five years between March and April - from 1.8 per cent to 2 per cent - and analysts expect there was a further rise in May to 2.2 per cent.

Last week, the Bank of England pegged interest rates at 4.5 per cent for the 10th month in a row, but if inflation rises above 2 per cent analysts predict the next rate move is likely to be upwards.

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