UK interest rates have been kept on hold at a record low of 0.5% for the 16th consecutive month. The Bank's Monetary Policy Committee (MPC) has also decided not to inject any more money into the economy under its policy of quantitative easing (QE). The decision had been expected but calls have been growing for an increase in rates to curb inflation. In June, Andrew Sentance voted to raise rates to 0.75%, the first MPC member to call for a rise since August 2008. Although consumer price inflation of 3.4% is well above the Bank's 2 percent target, it has started to fall from the 17-month high of 3.7% set in April. Many of the factors that had pushed it higher - such as rising oil prices and weaker sterling - have gone into reverse in the past month.