The Bank of England again kept the rate at 5.25%
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Following a meeting on November 1, the Bank of England’s Monetary Policy Committee decided to keep the interest rate at 5.25%. The regulator kept the rate at the same level for the second meeting in a row, this was preceded by a series of 14 consecutive increases.
The regulator in its press release notes that annual inflation in the kingdom in both September and the entire third quarter fell to 6.7%, which is less than expected in the August forecast.
“The committee’s latest forecasts indicate that monetary policy will likely need to remain contractionary for an extended period of time,” it said.
If signs of more stable inflationary pressure appear, the regulator allows for further tightening of monetary policy.
How told Bank of England Governor Andrew Bailey later told reporters that inflation in October will probably fall just below 5%. The regulator, he said, will keep interest rates high long enough to ensure that inflation returns to the target level of 2%.
Following the meeting on October 26, the ECB saved all three types of interest rates, Vedomosti wrote: the rate on main financing operations remained at 4.5%, on deposits – 4%, the rate on margin loans – 4.75%. The regulator’s decision coincided with market expectations. According to preliminary Eurostat estimates, annual inflation in the 20 eurozone countries slowed in October to the lowest since July 2021, 2.9%, after 4.3% in September and 5.2% in August.
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