The Bank of England raised its benchmark interest rate by 50 basis points to 4% from 3.5% at the end of its February meeting, according to the regulator’s press release.

The central bank’s decision coincided with the forecasts of analysts surveyed by DailyFx.

The rate is now at its highest level since October 2008, when it stood at 4.5%. The Bank of England also raised its rate by 50 basis points in December and by 75 basis points in November.

The regulator also lowered its inflation forecast for the country to 9.7% in the first quarter of 2023 from the previously expected 10.1% and improved its forecast for a decline in UK gdp in the first quarter of 2023 to 0.3% from 0.6%.