TEXT-Bank of England's Monetary Policy Summary

12 noon BANK OF ENGLAND MONETARY POLICY SUMMARY, DECEMBER 2024

The Monetary Policy Committee (MPC) sets monetary policy to meet the 2%

inflation target, and in a way that helps to sustain growth and employment. The

MPC adopts a medium-term and forward-looking approach to determine the monetary

stance required to achieve the inflation target sustainably.

At its meeting ending on 18 December 2024, the MPC voted by a majority of 6-3

to maintain Bank Rate at 4.75%. Three members preferred to reduce Bank Rate by

0.25 percentage points, to 4.5%.

Since the MPC's previous meeting, twelve-month CPI inflation has increased to

2.6% in November from 1.7% in September. This was slightly higher than previous

expectations, owing in large part to stronger inflation in core goods and food.

Services consumer price inflation has remained elevated. Headline CPI inflation