Bank of England Maintains Bank Rate at 3.75%

The Bank of England's Monetary Policy Committee has decided to hold the Bank Rate at 3.75%. The central bank noted that energy prices remain volatile due to the Middle East conflict, which has caused inflation to rise further from its current level of 3.1%. While there is little evidence of significant knock-on effects on prices and wages so far, the risk of more persistent inflation increases the longer energy costs stay high.