BoE Governor Bailey (post-meeting statement) says it is not inevitable that today's hike is the start of a series of hikes

ECONOMY: Activity has been more resilient in the face of shocks Much of strength in GDP has been driven by B2B AI investment has driven part of the strength in activity A fifth of GDP growth has been driven by AI investment Strengthening economy has not been broad-based Whether strength of activity persists is an important judgement for the MPC LABOUR MARKET: Private sector wage growth is seen little changed in the coming months Underlying wage growth slightly below target rate War has not driven wage gains, but could build next year INFLATION: Food price inflation has consistently undershot BoE forecasts this year Easing cost pressures has contributed, but as these factors wane, BoE expects to see food price inflation rise Expects core goods inflation to increase somewhat, the extent is uncertain ENERGY: Global energy prices remain elevated; monpol cannot influence global energy prices Longer the conflict persists, the higher rates will need to be, but it is highly uncertain; says this view is a risk, rather than a commitment Latest decline in oil prices is positive news If we continue to get good news on the conflict, that will reduce risks of further hikes, could see inflation peaking 'somewhat below' 5% Volatility has been evident in the last 48hrs STANCE: Will adjust rates as necessary to ensure inflation reaches target