# Bank of England set to rise interest rates for first time since 2023 | The Independent

> Markets widely expect the Bank of England to raise its policy rate from 3.75% to 4% at its November 5 decision, the first hike since August 2023. The move follows UK CPI inflation of 3.5% in September, the highest in 11 months, driven partly by higher fuel prices linked to the Middle East conflict.

- Date: 2026-11-01 · published 2026-11-01T12:09:17.893Z
- Category: macro · region UK · magnitude medium
- Page: https://feedsoft.ai/events/8899-bank-of-england-set-to-rise-interest-rates-for-first-time-since-2023-the
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A rate hike supports sterling and raises borrowing costs for UK agribusiness and livestock operators. Higher energy costs add to feed and transport expenses.

## Read by commodity

- DIESEL: bullish ▲
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DIESEL | 2026-05-22 | [Brent’s $100 Forecast May Understate the Risk of a Tighter Oil Market \| Investing.com AU](https://feedsoft.ai/events/19433-brent-s-100-forecast-may-understate-the-risk-of-a-tighter-oil-market-investing.md) | -9.5% | -20.7% |
| DIESEL | 2022-04-29 | [Thailand inflation spike may tilt odds in favour of early rate hikes - The Business Times](https://feedsoft.ai/events/42084-thailand-inflation-spike-may-tilt-odds-in-favour-of-early-rate-hikes-the.md) | -13.3% | -22.6% |
| DIESEL | 2026-09-25 | [What’s behind the latest surge in grain and oilseed prices?](https://feedsoft.ai/events/17495-what-s-behind-the-latest-surge-in-grain-and-oilseed-prices.md) | -2.3% | +6.2% |
| DIESEL | 2019-03-18 | [The outlook of one energy economist for IMO2020: chaos in the diesel market - FreightWaves](https://feedsoft.ai/events/60275-the-outlook-of-one-energy-economist-for-imo2020-chaos-in-the-diesel-market.md) | -0.0% | +5.3% |
| DIESEL | 2021-06-18 | [US Trucking Boom Contributes to Rising Demand for Diesel - TT](https://feedsoft.ai/events/46789-us-trucking-boom-contributes-to-rising-demand-for-diesel-tt.md) | +4.7% | +2.0% |

## Sources

- uk.finance.yahoo.com: https://uk.finance.yahoo.com/news/bank-england-expected-raise-interest-090012960.html
- businesstimes.com.sg: https://www.businesstimes.com.sg/companies-markets/banking-finance/bank-england-poised-raise-rates-may-push-back-bets-more
- independent.co.uk: https://www.independent.co.uk/news/uk/politics/interest-rates-increase-bank-of-england-b3077035.html
- investing.com: https://www.investing.com/news/economy-news/bank-of-england-poised-to-raise-rates-but-may-push-back-on-bets-for-more-4989788

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.