What changedThe Bank of England's Monetary Policy Committee is widely expected to maintain the current interest rate at its upcoming meeting as inflation remains above target.Previous stateUK inflation was recorded at 2.6% in June, while domestic energy prices rose by 13% due to conflict in the Middle East.Current stateThe Monetary Policy Committee is meeting to announce its rate decision at 12:00 BST, with analysts forecasting no change to the base rate.Why it mattersThe decision affects mortgage and loan rates for millions of households and businesses, serving as a primary tool to control inflation during periods of geopolitical and economic volatility.