The Bank's monetary policy committee held the base rate at 3.75% in a 7-2 vote, with Megan Greene and Huw Pill dissenting for a quarter-point rise. CPI inflation is now expected to peak at about 3.25% in Q4 2026, a lower forecast than the three scenarios the Bank published the previous month. Oil prices have fallen to a ten-week low since the US-Iran peace deal but remain above pre-conflict levels, and the Bank cautioned that higher energy costs from the past four months are still feeding through to consumer prices.