Bank of England keeps rate at 3.75% as inflation risks persist

Key points

• The Bank of England kept its key rate at 3.75% for a fifth consecutive decision, with its Monetary Policy Committee voting 6-3.
• UK consumer inflation eased to 2.6% in June from 2.8% in May but remained above the Bank’s 2% target for a 21st month.
• Renewed US-Iran hostilities pushed Brent crude above $100 a barrel on July 23 before it fell to about $91 on Thursday.
• Three committee members voted for a rate increase, while policymakers assessed renewed Middle East tensions and their possible effect on energy prices.