Bank of England Governor Andrew Bailey commented that “inflation has come down a lot in recent months and we think it will continue to come down.”
London, Thanasis Gavos
The Bank of England kept its key lending rate unchanged at 5.25%, ending a streak of 14 consecutive hikes aimed at curbing inflation.
The decision of the Monetary Affairs Committee was taken by a narrow majority of five to four members and follows the unexpected decrease in the inflation index for the month of August to 6.7% announced yesterday, despite the increase in the price of fuel.
The four who voted against were in favor of a new interest rate increase to 5.5%.
Bank of England governor Andrew Bailey commented that “inflation has come down a lot in recent months and we think it will continue to come down.”
He added, however, that there is no complacency and that the central bank will continue to closely monitor the situation for signs of persistent inflationary pressures.
It is noted that the key interest rate had fallen to a historic low of 0.1% before the 14 consecutive increases, while inflation peaked months ago at 11.1%.
Finance Minister Jeremy Hunt commented that the country is starting to see the tide of inflation turn
Source :Skai
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