londonthe bank of england raised its key interest rate for the seventh consecutive time thursday but held off from quickening the pace of its rate hikes as government measures to cap soaring energy bills promised to ease inflation in the months ahead in a statement the bank raised its key rate to 225 from 175 marking the second time in as many meetings that the bank has opted for a halfpercentage point increase and the seventh rate rise in a rowits longest cycle of interest rate increase since the late 90s among the nine members of the boes monetary policy committee five voted for the halfpoint rate increase while three voted for a larger threequarter point jump in interest rates and one other voted for a smaller quarter point jump in interest rates the split views highlight the competing concerns and conflicting economic signals central bank officials the world over are facing but which are particularly pronounced in the uk central bank officials also voted unanimously to go ahead with a plan to sell some of the boes holdings of uk government bonds with sale to begin shortly after the meeting in opting for the halfpoint hike boe officials pointed to recent government measures to cap soaring energy bills which are expected to help alleviate one of the biggest contributors to uk inflation at its last meeting the bank had warned that inflation would peak above 13 the bank said thursday that the recently announced cap would likely mean consumer price rises will peak at just under 11 in october but inflation would likely remain in double digits for a matter of months before falling the government assistance would likely mean consumers spend more at a later date adding to inflation in the medium term write to will horner at williamhornerwsjcom