According to CoinMeta, the National Institute of Economic and Social Research (NIESR) in the UK stated on Wednesday that if the Bank of England (BoE) wishes to successfully curb inflation over the next three years, it should raise the benchmark interest rate to around 5%. Last week, the BoE raised the benchmark interest rate from 3.75% to 4%, marking the first interest rate hike in over three years. The think tank predicts that the annual inflation rate in the UK will peak at 4.4% in February next year. If the BoE maintains the rate at 4.25% after the hike, it will not be until 2030 that the UK inflation rate will return to the target level of 2%.