The Bank of England kept its key interest rate at 3.75% for the fifth consecutive time this year, with the monetary policy committee voting 6-3 in favor of holding rates. UK inflation slowed to 2.6% in June from 2.8% the previous month, but remained above the bank’s 2% target for the 21st consecutive month. Three committee members dissented, voting for a quarter-point increase to 4% to address potential inflationary effects from surging energy prices. Brent crude, the global oil benchmark, jumped to over $100 per barrel on July 23 before trading around $92, driven by escalating Middle East tensions.
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