Interest rate hike expectations from the Bank of England (BOE) also rose.

Following the double-digit inflation in England in July, interest rate hike expectations from the country’s Central Bank also rose.

The bank is expected to raise the policy rate from 1.75% to 3.75% by increasing the interest rate by a total of 200 basis points until May next year.

Inflation in the country rose to 10.1 percent from 9.4 percent per year due to rising food costs, reaching the highest level since 1982. This increase increased the pressure for the government and the Central Bank to take more action.

The BOE raised the policy rate by 50 basis points to 1.75 percent last month, making it the most significant rate hike since 1995.