No rate increase this month. It is disappointing but not surprising. I haven't seen the statement yet, but I am sure we will see a liberal use of such words as "balancing, monitoring and weighing".
Inflation escapes for at least one more month. However, it is not getting any easier for the MPC. The economy is slowing but its impact on inflation has, so far, been negligible. Meanwhile, price expectations are rising.
Only a rate hike will calm things down.