RaboResearch's Jan Lambregts believes that the UK could face another rate hike of 25-50 bps to combat the country's high inflation rate, which hit 8.6% in April 2022. Despite softening energy prices, food inflation remains high, with food and beverage prices rising by 19% YoY, signalling a real wake-up call. While the UK has moved aggressively on interest rates, this has not proved enough, with the fight against inflation moving from goods price inflation to services price inflation, making it much harder to combat.