The Bank of England left its benchmark rate unchanged for the third consecutive meeting on Thursday.
The Monetary Policy Committee governed by Andrew Bailey, voted 6-3 to maintain the Bank Rate at 5.25 percent.
Three members of the committee sought a quarter-point increase at the current meeting.
These members assessed that further tightening was necessary to address the risks of more deeply embedded inflation persistence and to return inflation to target sustainably in the medium term.
The interest rate was raised by a cumulative 515 basis points since December 2021 to the current 5.25 percent, which is the highest since early 2008.
The committee continued to judge that monetary policy was likely to need to be restrictive for an extended period of time.
Bank staff forecast GDP growth to be broadly flat in the fourth quarter and over coming quarters.
Consumer price inflation is forecast to remain near to its current rate around the turn of the year. The near-term inflation path is somewhat lower than projected in the November Report.
