He continued: "Today's 'no change' decision reflects the Committee's desire to increase interest rates gradually to minimise any adverse consumer impact which may result from higher interest rates.
Another key factor that prevented the MPC from moving this month is the current strength of sterling. This will serve to reduce inflationary pressure in the economy.
Despite strong data last month it is likely the next rise will not come until May when the Bank of England inflation report is released. We are still predicting a further rate rise in August leaving the rate at 4.5 per cent by the end of 2004."
