BoE keeps interest rate unchanged despite ebbing inflation

London | The Bank of England has kept its benchmark interest rate unchanged at 5.5 per cent even as UK inflation ebbs rapidly, echoing an underlying note of uncertainty from the US and Australian central banks earlier in the week.

“In recent weeks we’ve seen further encouraging signs that inflation is coming down,” BoE governor Andrew Bailey said. “We’re not yet at the point where we can cut interest rates, but things are moving in the right direction.”