Prior 3.75%Bank rate vote 9-0 vs 7-2 expectedConflict in the Middle East has caused a significant increase in global energy and other commodity prices, which will affect households’ fuel and utility prices and have indirect effects via businesses’ costsCPI inflation will be higher in the near term as a result of the new shock to the economyThe MPC is alert to the increased risk of domestic inflationary pressures through second-round effects in wage and price-settingThe MPC is also assessing the implications for inflation of the weakening in economic activity that is likely to result from higher energy costsThe Committee will continue to monitor closely the situation in the Middle East and its impact on global energy supply and energy pricesIt stands ready to act as necessary to ensure that CPI inflation remains on track to meet the 2% target in the medium termMore to come... This article was written by Giuseppe Dellamotta at investinglive.com.