Jim Rogers, the veteran investor and former business partner of billionaire George Soros, has criticised the Bank of England and US Federal Reserve for failing to get a grip on soaring inflation — warning it is likely to get worse before stabilising.

“I’m extremely sceptical of any central bank, including the Bank of England and the Fed. They say they were right to raise interest rates. But a year ago, they were using the word ‘transitory’ and they turned out to be wrong,” said Rogers, who founded the Quantum fund with Soros in 1973. “I’m glad they realised there was a problem and raised interest rates, but I’m not convinced they have it under control yet,” added Rogers who was once dubbed the “Indiana Jones of finance”.