At its meeting on August 22, 2012, the Monetary Policy Committee (MPC) maintained the Bank Rate at 9.5 percent. Domestic inflation has been on a downward trend since the beginning of the year, reaching 7.3 percent in July. The decline has been evident across most categories of goods and services, and the underlying trend remains downwards. It is, therefore, expected that inflation will continue to converge on the medium-term objective range of 3 – 6 percent.

• Read the MPC statement