UK inflation remains nearly double the Bank of England’s target as policymakers prepare for a likely pause in interest rate increases.

The persistent elevated inflation reading comes as the central bank weighs whether to halt its series of rate hikes that have been implemented to combat rising prices across the economy.

The inflation rate continues to run well above the Bank of England’s 2% target, presenting ongoing challenges for monetary policy officials who have been raising borrowing costs to bring price pressures under control.