The Bank Rate was maintained at 5.5 percent at the Monetary Policy Committee (MPC) meeting held on June 20, 2017. The outlook for price stability remains positive as inflation, although increasing slightly in the short term, is forecast to remain within the 3 – 6 percent objective range in the short to medium term. However, inflation increased marginally from 3.4 percent in April to 3.5 percent in May 2017. Going forward, the projected modest increase in inflation, in the short term, is due to higher electricity and water tariffs, and international oil prices.
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