The Bank of England announced Thursday that its Monetary Policy Committee had lifted Bank Rate by a quarter percentage point to 4 percent. Eight members backed that move at the meeting ending November 4; the other member favored a half-point rise to 4.25 percent.

The committee said higher energy costs were already reaching businesses and households, but the evidence that they had spread significantly to other prices and wages remained limited. It judged the risk of that spread sufficient to warrant tightening, with recent economic activity stronger than expected.

UK consumer inflation reached 3.5 percent in September. The Bank now expects it to be around 5 percent by mid-2027 before easing. That figure is a forecast, and the Bank’s medium-term target remains 2 percent.

The committee did not commit to a sequence of rate changes. It said it would assess pay, pricing and spare capacity as new evidence arrives. The next decision is scheduled for December 17.