Bank of England holds interest rates for the fifth successive time

THE Bank of England has held interest rates for the fifth successive time, despite cautioning that energy prices and an AI-driven memory chip shortage will drive inflation higher. Forecasts by the central bank have also suggested that food inflation is set to tick higher later this year, as supply issues linked to hot and dry weather weigh on prices for shoppers. A majority of the central bank’s nine-strong Monetary Policy Committee (MPC) voted in favour of keeping interest rates at 3.75 per…