The Bank of England held interest rates unchanged at 3.75%, in line with expectations, as the central bank seeks to balance above-target inflation and subdued economic activity.
The move was backed by seven of the nine members of the committee. CNBC noted that the U.K.'s inflation rate clocked in at 2.8%, lower than expected. However, the trend is not expected to hold as a price cap on energy prices is set to rise by 13% in the summer, with energy expected to rise to a 2-year-high.
