The Central Bank of England decided to vote by a majority of 8-1 to raise interest rates by a quarter of a point in its meeting moments ago, to reach 0.75%, as is the expectations for the third meeting in a row, while one of the members preferred to maintain the current rates.

The bank’s monetary policy report stated that the developments that occurred since the February report are likely to lead to an increase in inflation to a peak and a negative impact on economic activity by intensifying pressure on household income.

The inflation index represented in the annual consumer price index rose to 5.4% in December and 5.5% in February.

The bank expects it to rise to about 8% in the second quarter of this year and possibly higher later this year. The pound sterling reacted negatively and strongly after the meeting, affected by the vote that indicated maintaining the current levels of interest.

The pound sterling is now trading at 1.3098 levels, down by about 100 points against the US dollar.