The Bank of England, by unanimous vote, decided to maintain its monetary policy and keep interest rates unchanged at 3.75%, as expected, at its meeting earlier today, Thursday, March 19th, for the second consecutive meeting.

The Bank’s interest rate report stated that the conflict in the Middle East has caused a significant increase in global energy prices and the prices of many commodities, which will affect fuel prices. It is expected that inflation will rise in the near term as a result of these developments.

The Committee will continue to monitor the situation in the Middle East and global energy supplies and prices, and is prepared to take the necessary measures to ensure that inflation remains on track to achieve the 2% target over the medium term.