The bank raised its key rate by half a percentage point, to 4%, resisting the temptation to follow the U.S. Federal Reserve in easing its response to the crisis, according to AP.
The British central bank has approved four straight increases of a half-point or more since Russia’s invasion of Ukraine triggered sharp rises in food and energy prices.
“We have done a lot on rates already … but it is too soon to declare victory just yet,” bank Gov. Andrew Bailey said at a news conference. “Inflationary pressures are still there … and we need to be absolutely sure that we really are turning the corner on inflation.”