At its meeting on October 23, the Monetary Policy Committee (MPC) maintained the Bank Rate at 9.5 percent. While inflation rose to 7.1 percent in September, principally as a result of higher fuel prices, the underlying trend remains downwards in an environment of moderate inflationary pressures, both domestically and globally. It is, therefore, expected that inflation will converge on the medium-term objective range of 3 – 6 percent in first half of 2013.

•  Read the MPC statement