Bank of England Raises Interest Rates to 4.5 Percent After Unexpected Inflation Jump

A view of the Bank of England in London, on Feb. 2, 2023. Yui Mok/PA Media

The Bank of England, Britain’s central bank, has raised interest rates again after UK inflation unexpectedly jumped higher last month.

The bank said on Thursday that its Monetary Policy Committee (MPC) voted by a majority of 7–2 to increase the bank rate by 0.25 percentage points to 4.25 percent. Two members preferred to maintain the rate at 4 percent.