Britain's central bank on Thursday raised its key interest rate again but toned down the pace as inflation shows signs of easing , mirroring action by the U.S.
, mirroring action by the U.S. Federal Reserve and European policymakers.
The Bank of England raised the benchmark rate by half a percentage point, to 3.5%, the highest level in 14 years. It was the ninth consecutive increase since December 2021 and followsThis time, officials opted for slightly less aggressive action after data this week showed inflation slipped from a 41-year high, but they warned that more hikes are likely to come.in the near term.
“The labor market remains tight and there has been evidence of inflationary pressures in domestic prices and wages that could indicate greater persistence and thus justifies a further forceful monetary policy response,” it said.
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