The Bank of England's Monetary Policy Committee (MPC) has held interest rates at 5%.
The announcement comes as little surprise with the risks to inflation deemed too grave to merit a cut.
With mortgage costs continuing to rise, the news is likely to be badly received by homeowners across the country, painting a bleak future for the month ahead and possibly beyond.
Analysts had widely expected rates to remain on hold as the MPC has continually expressed concerns about inflation, which could reach 4% this year.
Consumers are now facing the dual pressures of higher food and fuel costs, as well as higher borrowing costs, and some market commentators have urged the MPC to act in order to head off a recession.
Commenting on the Bank's difficult decision, Tim Fletcher, marketing director of Baseline Capital, says: "This isn’t the US where the central bank has to balance inflationary control with economic stability and growth.
"While commodity prices are putting pressure on inflation, our MPC has little freedom of action. And at any rate, loosening monetary policy today would have had little effect on lenders’ retail rates.”IFAonline
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