It's their highest level since 2008.
The Bank's 0.5 percentage point rise to 2.25% was smaller than some economists had expected.
The MPC said bank holidays linked to Queen Elizabeth II had dampened growth. There had been a smaller-than-expected bounce back in July from the June bank holiday to celebrate the Queen's Platinum Jubilee, it said. It now expects inflation to peak at just under 11% in October, having previously forecast it would reach 13% next month.
Following the financial crisis, borrowing costs have stayed at, or close to, record lows after the Bank of England intervened with cuts following the UK's vote to leave the European Union in 2016 as well as during the Covid pandemic.
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