Bank of England hikes interest rates again but softens pace

By KELVIN CHAN
AP Business Writer

LONDON (AP) — Britain’s central bank has raised its key interest rate increase again but toned down the pace as inflation shows signs of easing. Thursday’s announcement mirrors action by the U.S. Federal Reserve and European policymakers. The Bank of England raised the benchmark rate by half a percentage point, to 3.5%, the highest level in 14 years. It was the ninth consecutive increase since December 2021 and follows last month’s outsized three-quarter point rate hike, the biggest in 30 years. This time, officials opted for less aggressive action after data this week showed inflation slipped from a 41-year high.