The Bank of England is likely to face crisis caused by inflation risks.
Factory gate prices began to grow very quickly because of the rise of oil and food costs. Thus the 1% month-on-month increase causes producer price inflation to 5.7% in the year to January - the greatest rise since August 1991, according to the Office for National Statistics (ONS).
Excluding oil prices, which rose by more than 70% over the year and fast growing wheat costs(a 36% rise in food prices in the past 12 months) , export volumes fell by 3.4% over the month.
All these and other factors suggest a growing impact from a slowing US economy.
The Bank of England performs all the functions of a central bank. The most important of these is supposed to be maintaining price stability and supporting the economic policies of the UK 's government, thus promoting economic growth.
The Bank works together with several other institutions to secure both monetary and financial stability, including:
- HM Treasury, the Government department responsible for financial and economic policy.
-The Financial Services Authority, an independent body that regulates the financial services industry.
-Other central banks and international organizations, with the aim of improving the international financial system.
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