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Bank of England keeps rates on hold, warns over inflation

Associated Press
Updated ·1 min read

LONDON (AP) — The Bank of England kept its main interest rate at the record low of 0.1% while warning Thursday that inflation is set to rise further over coming months largely as a result of a sharp spike in energy prices.

The decision from the central bank's nine-member Monetary Policy Committee was unanimous, though two members voted to start reining in the bank's stimulus program.

Many economists think that the bank will start to raise interest rates next year to combat above-target inflation.

The Bank of England is tasked with setting monetary policy to meet an annual inflation target of 2%. Inflation is currently running at 3.2% and expected to ratchet higher in coming months following the uptick in energy prices and increased demand after the lifting of coronavirus restrictions.