UK Raises Base Interest Rate by 0.25%P to Highest Level in 15 Years (Update)
The Bank of England (BOE), the central bank of the United Kingdom, raised the base interest rate by 0.25 percentage points on the 3rd (local time).
On the same day, the BOE held its August Monetary Policy Committee (MPC) meeting and increased the base rate from 5.0% to 5.25%. This marks the 14th consecutive hike since December 2021, reaching the highest level in about 15 years and 4 months since April 2008 (5.25% per annum).
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The rate hike is interpreted as a response to the UK's most recently announced consumer price inflation rate of 7.9% in June, which significantly exceeds the BOE's target of 2% per annum. However, since the inflation rate dropped to its lowest level in 15 months, the magnitude of the increase was smaller than the previous month’s 0.5 percentage points.
![Bank of England [Photo by Reuters Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2023051120444628421_1683805486.jpg)
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