fear of the possibility of energy price increases; UK interest rates remained unchanged

fear of the possibility of energy price increases; UK interest rates remained unchanged

The Bank of England, which acts as Britain's central bank, kept interest rates at 75.3% for the sixth time in a row despite rising inflation.

This decision was fully expected by economists, but the seven-month conflict in the Middle East caused an increase in energy prices and consequently inflation.

Other major central banks have raised interest rates to counter rising prices.

On Wednesday, the US central bank announced its first interest rate hike in three years. Meanwhile, the European Central Bank has raised interest rates twice since June.

The UK inflation rate has been above the Bank of England's 2% target for almost two years.