At its meeting on February 14, the Monetary Policy Committee (MPC) maintained the Bank Rate at 9.5 percent, judging that the medium-term outlook for inflation continued to be positive. While short-term price developments short-term price developments imply that inflation will continue to be above the 3 – 6 percent objective range, it is anticipated that inflation will converge on the objective range in the second half of 2012.

• Read the MPC statement