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Further rate rise possible

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10/08/2006

The Governor of the Bank of England has warned that another interest rate rise is possible this year, as domestic fuel bills and rising university tuition costs threaten to push up inflation.

Mervyn King said there was a 50-50 chance that inflation could soar out of its target range by Christmas, and that interest rates may have to rise to 5.0% as a result.

The announcement came as a second blow to homeowners, already reeling from the surprise of last week’s increase.

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