The Bank of England slowed the pace of interest rate hikes at its Thursday meeting as inflationary pressures receded.
The bank raised interest rates by 25 basis points today to 5.25% in line with expectations, the highest rate since February 2008, after increasing them by 50 basis points at its previous meeting in June.
The central bank's decision came after Britain's annual inflation rate fell more than expected in June to 7.9%, the lowest level in more than a year, compared to 8.7% in May. Core inflation also fell to 6.9% from 7.1% previously.
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