This first hike in the BoE’s bank rate in more than a decade can be usefully compared to the first hike in our central bank’s overnight rate in almost seven years earlier in July. The BOE hike followed on the inflation rate rising to 3.0% in September, and forecast to rise above the upper bound to 3.2% in October. The BoC hike followed on the inflation rate falling to 1.3% in May from 1.6% in April. The inflation rate fell again, to 1.0% in June, at the lower bound of the BoC’s target range.