At its meeting today, the Monetary Policy Committee (MPC) decided to maintain the Bank Rate at 11 percent. While the underlying trend in inflation remains favourable, domestic inflation rose in both August and September, moving away from the objective range of 3 – 6 percent. Inflation is nonetheless expected to stabilise within the objective range over the medium term time frame that is relevant for monetary policy. However, while domestic growth remains subdued there are some upside risks from rising international oil prices and possible increases in administered prices, while the short-term spike may adversely affect expectations. Therefore, an overall assessment indicates that the current policy stance balances the favourable outlook against the accompanying risks. The Bank remains committed to responding appropriately to all economic and financial developments so as to maintain price stability in the medium term, which contributes to sustainable economic growth. For more details see press release.