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Evening Standard
Evening Standard
Henry Saker-Clark

Bank holds interest rates as energy and memory chips set to lift inflation

Inflation Interest Rates Memory Bank of England central bank Monetary Policy Committee Andrew Bailey Andy Burnham Monetary Policy United Kingdom
The Bank of England in the City of London,. Rate-setters at the Bank voted on the UK base interest rate on Thursday (John Walton/PA) - (PA Archive)

The Bank of England has held interest rates for the fifth successive time despite cautioning that energy prices and an AI-driven memory chip shortage will drive inflation higher.

Forecasts by the central bank have also suggested that food inflation is set to tick higher later this year as supply issues linked to hot and dry weather weigh on prices for shoppers.

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