Interest rates have been raised for the sixth time in a row from 1.25% to 1.75%.
The Bank of England's decision to increase rates by half a percentage point makes it the largest increase for 27 years.
Many firms have problems getting enough goods to sell. And with more buyers chasing too few goods, prices have risen. Analysts at Capital Economics think the Bank will ultimately have to lift rates to 3% to quash inflation, but other economists think they won't have to go so high. Pantheon Macroeconomics reckon interest rates will peak at 1.75%.
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