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The Bank of England is expected to maintain interest rates at 3.75% during its upcoming meeting on Thursday, despite rising inflation that reached a five-month high of 3.1% in August. Three members of the Monetary Policy Committee (MPC) previously voted to increase rates to 4%, and economists suggest this pressure will continue as household energy bills are set to rise by 4% from October. While some experts believe the MPC will keep rates unchanged due to a lack of second-round inflationary effects, others warn that persistently high inflation may prompt future rate hikes to avoid economic damage.
Written by the local model on 2026-09-16,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
The Bank of England is expected to maintain its current interest rate at 3.75% during its upcoming meeting on Thursday, despite mounting pressure due to rising inflation. This decision would mark the sixth consecutive time the Monetary Policy Committee (MPC) has held rates steady since December. However, three committee members voted for a higher rate of 4% in the last meeting, indicating internal disagreement. The latest figures show that UK Consumer Prices Index (CPI) inflation rose to 3.1% in August from 2.9% in July, marking its highest level in five months and moving further away from the bank's target of 2%. With anticipated increases in household energy bills next month, economists predict potential future rate hikes as inflation continues to climb.
Written for “UK Interest Rates Decision” on 2026-09-17,
grounded in this article and the 0 other(s) covering the same event.
Why this leaning score
This article does not take a side on a contested political
question, so it has no leaning score. That is an
answer rather than a gap: a match report or a rescue can be warmly
or critically written without being left or right, and scoring it
anyway is how approval of a subject gets recorded as a political
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No political leaning scored for article 13705 · logged 2026-09-16
Bank of England set to keep interest rates on hold despite rising inflation
The Bank of England is expected to hold interest rates at 3.75% but economists have warned that pressure to hike rates is mounting as inflation rises.
Most economists think the Bank’s Monetary Policy Committee (MPC) will opt to keep interest rates unchanged at its next meeting on Thursday.
asserted
Committee → set → Thursday
It would be the sixth time in a row that the MPC has kept rates on hold, having stayed the same since December.
asserted
MPC → keep → December
However, three members of the nine-person MPC – Huw Pill, Megan Greene and Catherine Mann – voted to hike rates to 4% at the last meeting, and economists expect the same outcome at the next one.
asserted
economists → vote → one
It comes against a backdrop of rising prices in the UK, with Consumer Prices Index (CPI) inflation increasing to 3.1% in August, from 2.9% in July, according to the latest official figures.
uncertain
inflation → come → figures
This marked a five-month high and shows CPI inflation has moved further away from the Bank of England’s 2% target rate.
asserted
inflation → mark → rate
Many economists are forecasting the cost-of-living to rise further, with households facing another rise in their energy bills from next month, which could prompt the Bank to raise interest rates in the months ahead.
uncertain
which → forecast → months
Experts pointed out that services inflation – which reflects prices in the UK’s dominant industry – stayed at 3.4% in August, indicating a lack of so-called second round effects – meaning things such as wage demands and broader shop price increases.
asserted
which → point → demands
However, inflation is expected to be pushed up when Ofgem’s next energy price cap kicks in from October, which will see household energy bills rise by 4% for a typical dual-fuel household.
asserted
bills → expect → household
Thomas Pugh, chief economist at RSM UK, said: “The rise in inflation in August is just the start of a new upward trend as higher energy, food and memory chip prices continue to make their way through supply chains.
asserted
prices → say → chains
Read More
“We now see inflation peaking at almost 4% in early 2027, before gradually dropping back to 2% in 2028.
asserted
inflation → read → 2028
“The MPC will hold this week, but inflation at 4% is realistically too hot to ignore.”
asserted
inflation → hold → %
Charlotte O’Leary, associate economist for the National Institute of Economic and Social Research (Niesr), said the MPC will also be paying attention to the recent surge in oil prices, with Brent crude oil rising above 107 dollars a barrel this week.
asserted
oil → say → dollars
“Nevertheless, with limited evidence of second-round effects so far, we expect the MPC to hold rates on Thursday,” she said.
asserted
she → expect → Thursday
“However, mounting inflationary pressures, alongside resilient growth data, may eventually grant scope to raise rates without materially damaging the economy.”
uncertain
pressures → mount → economy
Economists for Pantheon Economics said there is a chance the MPC “toughens its language” at the next rates announcements “to open up the possibility of a November hike if energy prices keep ramping up”.
asserted
prices → say → hike
“A 4% inflation peak would already be too hot to hold, but further energy price rises could take inflation even higher,” they said.
uncertain
they → hold → inflation
“The MPC needs to be ready.”
asserted
MPC → need → ?
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