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The Bank of England kept interest rates unchanged at 3.75%, warning that rising energy prices due to the Middle East war could cause inflation to exceed 4% by early 2027, potentially necessitating tightening of monetary policy again. The bank explained that the surge in oil and gas prices has significantly influenced its inflation forecasts, which have risen to 3.75% in the last quarter of 2026, and are expected to surpass 4% during the first quarter of 2027. Consumer price inflation continued to climb in August, reaching 3.1%. The bank also noted that sustained increases in energy costs could put pressure on businesses and consumers, leading to higher prices for goods and services and adding to inflationary pressures. Despite this, the UK economy has shown relative resilience, with GDP growing by 0.4% in the second quarter. Additionally, the bank has decided to gradually wind down its holdings of government bonds and remains ready to take further measures to control inflation and ensure price stability.
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