(MENAFN- AzerNews) The Bank of England on Thursday hiked its policy interest rate
by 25 basis points to nearly a 15-year high of 4.25%.
Seven of the Monetary Policy Committee's nine members backed the
move, while two voted for keeping the rate unchanged, the central
bank said in a statement.
The borrowing costs have now reached the highest level since
October 2008.
This is the bank's 11th consecutive rate hike since December
2021 to tame high level of inflation rates, which surged to 10.4%
in February.
"The MPC will continue to monitor closely indications of
persistent inflationary pressures, including the tightness of
labour market conditions and the behaviour of wage growth and
services inflation. If there were to be evidence of more persistent
pressures, then further tightening in monetary policy would be
required," the bank added.
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