LONDON — The Bank of England kept its main interest rate unchanged at a 16-year high of 5.25% on Thursday even though inflation continues to drop from multi-decade peaks.
Market expectations that lower interest rates were on the horizon got a boost Wednesday with news that U.K. inflation fell to a 2.5-year low of 3.4% in February — more than anticipated — and is now not far off the Bank of England’s target rate of 2%. Central banks around the world raised interest rates aggressively in late 2021 from near zero to counter price rises first stoked by supply chain issues during the coronavirus pandemic and then by Russia’s invasion of Ukraine, which pushed up food and energy costs.
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