The Central Bank of England decided to vote on raising interest rates by 50 basis points in its meeting today, issued moments ago, to reach 5%, contrary to expectations that indicated a 25 basis point hike, with a majority of members 7-2, as two members preferred to keep interest rates unchanged.
And the interest statement issued by the bank stated that it will continue to monitor now the large increases in interest rates and the appreciation of the exchange rate.
CPI inflation fell from 10.1% in Mary to 8.7% in April and remained at this point in May, higher than expected in the May report by 0.3%, while services CPI inflation rose to 7.4% in May, stronger by 0.5%.
percent of what was expected in May expectations, which indicates continued inflationary pressures, but the bank’s monetary policy will ensure that inflation returns to the bank’s target of 2% in the medium term.
The Monetary Policy Committee will continue to monitor indicators of persistent inflation pressures, and if it deems more persistent pressures, further tightening of monetary policy will be required.
24/12/2024
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