The Bank of England's Monetary Policy Committee (MPC) voted by a majority of 6–3 to maintain the Bank Rate at 3.75%, according to the minutes of its July meeting.
The Bank Rate held steady after the MPC's 6–3 vote.
Three members voted to increase the rate by 0.25 percentage points, to 4%, the minutes show.
The decision comes as CPI inflation has fallen to 2.6% since the previous meeting, the Bank reported. In the June CPI outturn, motor fuel prices contributed 0.6 percentage points to that figure.
The Committee noted that the conflict in the Middle East remained the dominant source of uncertainty for the inflation outlook. All members agreed that risks to the paths of energy prices were skewed to the upside. As of 28 July, Brent crude stood at $84 per barrel and the UK front-month natural gas future at 136 pence per therm.
The MPC judges that it is appropriate to maintain Bank Rate at this meeting, and all members agreed that there has been little evidence of material second-round effects so far.