The speed of price rises (inflation) is slowing. Higher interest rates are helping to bring inflation down. Inflation has fallen from a peak of 11% in 2022 to 6.7% in September 2023. We’ve kept interest rates at 5.25% this month. But we are not complacent. Inflation is still too high. We will be watching closely to see if further increases in interest rates are needed. And we will keep interest rates high enough for long enough to get inflation back to the 2% target. We expect inflation to fall further this year and continue to fall towards our 2% target next year. That means prices will be rising more slowly than ... (full story)