At its meeting on October 17, the Monetary Policy Committee (MPC) maintained the Bank Rate at 9.5 percent. While short-term price developments have resulted in inflation remaining above the objective range of 3 - 6 percent, the medium-term outlook for consumer prices is more encouraging. As a result, the Committee judged that maintaining the Bank Rate at the current level is consistent with inflation converging on the objective range in the medium term.

• Read the MPC Statement