Monthly inflation rate and central bank interest rate in the UK 2018-2023
As the central bank interest rate is one of the primary tools to manage inflation, it also showed similar trends during the observed period. From January 2018 to February 2020, the central bank interest rate fluctuated between 0.5 and 0.75 percent. From April 2020 to November 2021, it remained at 0.1 percent until a prolonged period of regular interest rate increases began. In August 2023, the interest rate was 5.25 percent, the highest within the observed period.