The aggressive move comes even as the bank predicted a two-year economic contraction
With rampant inflation, public borrowing rose to 98% of economic output in September
Fuel costs up 32% year over year
Inflation in the U.K. is expected to surge to 13% in the fourth quarter
The decision aims to contain inflation without choking off economic growth, the central bank said
The move follows a December hike and concern about rising consumer prices
In contrast, the ECB doesn't plan to raise rates until 2023 despite record inflation
Economists expect caution in the months ahead