At its meeting on May 3, 2012, the Monetary Policy Committee (MPC) maintained the Bank Rate at 9.5 percent. Domestic inflation fell for three consecutive months, from 9.2 percent in December 2011 to 8 percent in March, with the decline evident across most categories of goods and services. Inflation is expected to continue to converge on the medium-term objective range, although the timing will depend on international oil price trends.

• Read the MPC statement