The Bank of England raised its interest rate by 0.5% to 5%
The division of votes was 7 to 2 so two people were against the increase.
The continuation of inflation requires further escalation.
If there is evidence of more sustained pressures, then further tightening of monetary policy is needed.
The committee acknowledges that second-round effects on domestic price and wage developments from external cost shocks are likely to take longer to dissipate than they emerge.
However, CPI inflation is expected to moderate significantly over the course of the year, mainly reflecting energy price developments.
We will continue to closely monitor the impact of the significant rate increase thus far.
Net commodity price inflation is also much stronger than what was predicted.
Food price inflation is expected to decrease further in the coming months.
In recent data, significant bullish news has been published, which indicates further continuation of the inflation trend, against the background of tight labor market and continuation of flexibility in demand.