At its meeting today, the Monetary Policy Committee (MPC) decided to maintain the Bank Rate at 10 percent. Domestic inflation was 6 percent in March, remaining at the top end of the 3 – 6 percent objective range. However, the Committee anticipated that inflation will move above the objective range in the short term, due to the impact of the increase in value added tax (VAT) and electricity tariffs. It is, therefore, expected that inflation will fall within the objective range only in 2011. Meanwhile, indications are that output will remain below trend in the short term. 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 information, see press release.