The UK central bank has decided to leave interest rates at 0.5%, where they have been since March 2009.

Board members of the Bank of England decided not to answer calls for an increase in rates to curb inflation by making the decision to leave rates unchanged at the historic low rate.

CPI inflation was 3.1% in July, above the Bank of England’s 2% target rate.

The UK economy grew by 1.2% in the second quarter, but there have been indications that the pace of growth has slowed since then.