The MPC said: “Overall, the developments since the previous MPC meeting had been limited and, in the main, consistent with the expectations that the Committee had set out in its May Inflation Report.
“In light of that, all Committee members agreed that it was appropriate to leave the stance of monetary policy unchanged at this meeting.
“For two members, the immediate policy decision remained finely balanced between voting to hold or raise Bank Rate.”
Nick Dixon, investment director at Aegon UK, commented: “The double whammy of low inflation and rising wages should boost consumer confidence, with people feeling the benefits of more cash in their pockets.
“Mildly positive inflation shows the UK economy is heading in the right direction though, with the 2% inflation target looking increasingly distant, our expectations of a rate rise sit well into 2016.”
