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The bank handles the CPI, which measures the average price of 700 items such as a packet of pasta and a train ticket.
Momentum within the current prices, according to the bank, will lead the rate of inflation into the double-figure range.
Bank of England officials have estimated that, by the end of 2022, the inflation rate could reach as high as 10 percent.
On average, that would mean items that cost approximately £5 will rise in value by 5p.
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