BoE Poised to Hold Rates at 3.75% Amid Inflation Fears

The Bank of England is set to maintain interest rates at 3.75% for the sixth consecutive time during its Monetary Policy Committee meeting on Thursday.

This decision comes as UK Consumer Prices Index inflation rose to a five-month high of 3.1% in August, moving further away from the central bank's 2% target.

Economists warn that upcoming energy price cap rises and surging oil prices could drive inflation towards 4%, increasing pressure for a rate hike later this year.

Three committee members previously voted to increase rates to 4%, reflecting growing divisions over the current wait-and-see approach.