The Bank of England’s Monetary Policy Committee has voted to increase the base rate 0.25 percentage points to 5.25%.
Industry pundits largely expected the MPC to hold rates in Janaury, before a predicted rate rise in February.
The last interest rate rise was in November.
The MPC says an increase in interest rates to 5.25% was necessary to bring CPI inflation back to the target in the medium term.
The minutes of the meeting will be published Wednesday January 24.