🔻Concerns over the possibility of higher energy prices; interest rates in the UK did not change

“Bank of England,” which serves as the central bank of the UK, kept interest rates at 3.75% for the sixth consecutive time despite rising inflation.

The decision was entirely predictable for economists, but the seven-month conflict in the Middle East has driven up energy prices and, in turn, intensified inflation.

Other major central banks have raised interest rates to counter the increase in prices.

On Wednesday, the U.S. Federal Reserve announced its first interest rate hike in three years. This comes as the European Central Bank has also increased interest rates twice since June.

In the UK, the inflation rate has been above the Bank of England’s 2% target for nearly two years.