BoE Expected to Hold Interest Rates as Inflation Hits Five-Month High

The Bank of England is expected to maintain its interest rates at 3.75% despite rising inflation in the UK, which has reached a five-month high due to the ongoing impact of the Iran war on fuel prices.

Economists predict that most members of the nine-member Monetary Policy Committee will vote to keep the main rate unchanged for the sixth consecutive meeting.

This decision comes as contrast to the US Federal Reserve, which raised its rates for the first time in three years on Wednesday.