means the bank has at this stage opted not to raise them any further. this raises lots of questions, does the bank of england think we have hit peak inflation and therefore as a result, we have hit peak interest rates? how long will it take for the rest of the economy to fair and how long will it take for that to filter through until we start to feel a bit better off? as we know, rising interest rates mean it is more expensive on your mortgage and any borrowing. saving rates have been rising but the bank of england has been raising them pretty sharply, iii times from their record low. that was after the financial crisis. up to 5.5 5.25% of the was after the financial crisis. up to 5.5 5.25% of the opting today to 5.5 5.25% of the opting today to keep them on hold. some relief for mortgage holders right now of the big question, whether this is as high as they will go or indeed the bank will decide later on that it needs to keep raising them to keep a lid on inflation?
have voted to maintain bank rates at 5.25%. monetary policy remains restrictive. let me be clear, there is absolutely no room for complacency. inflation is still too high. we will keep interest rates high. we will keep interest rates high enough for long enough to make sure we get inflation all the way back to the 2% target. we will be watching closely to see if further increases are needed but even if they are not it is much too early to think about rate cuts. i m going to talk about inflation over the coming months and that i will turn to the outlook for the economy further ahead. and means for monetary policy. to start with the near term outlook for inflation. chart one from the report shows consumer price inflation and its components since 2019. it shows how inflation has continued to fall since the previous report in august. watch as we expected. inflation took a step down in the data forjuly published two weeks after the august report. as you can see in our near term pe