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FINWIRES

Bank of England Holds Key Rate Steady at 3.75% in April Meeting

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-- The Bank of England on Thursday maintained its key rate at 3.75% amid higher energy prices arising from the ongoing conflict in the Middle East.

The decision is in line with the consensus estimate for the month.

The BoE's Monetary Policy Committee voted 8-1 in favor of a hold, with one member voting for a 25 basis-point increase to 4%. The MPC said it will closely monitor the situation in the Middle East, noting the high uncertainty around global energy prices and the risk it poses to domestic inflation.

Based on the latest government data, the UK's annual inflation rate climbed to 3.3% in March from the previous month's 3%, with the core rate edging down to 3.1% from 3.2%. Looking ahead, BoE staff currently expect the headline inflation rate to decline to an average of 3.1% in the second quarter before picking up to 3.3% in the third quarter.

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