BOE Holds Rate at 3.75% Amid Energy-Driven Inflation Fears

The Bank of England maintained its policy rate at 3.75% on Thursday, despite growing price pressures from higher energy costs.

The Monetary Policy Committee voted 6-3 to keep the rate unchanged, while three members supported a 25-basis-point increase to 4%.

The bank noted that annual consumer inflation had declined to 2.6%, but was expected to rise later this year due to elevated crude oil and refined energy prices.

Energy prices remain volatile and above pre-conflict levels, creating uncertainty over the outlook for growth and inflation, according to the committee.