For a ninth time in a row, the Bank of England has raised its benchmark interest rate as it seeks to tame a roaring, double-digit rate of inflation in the nation.

Due to the consumer price index showing an annual rate of inflation of 10.7% last month, the Bank’s Monetary Policy Committee (MPC) voted to enact a 50 basis point hike to the benchmark rate, raising it to 3.5%.

The bank hiked UK rates to the highest level seen since October of 2008, despite expectations that the nation is beginning to sink into a lengthy recession. However at the same time, the 50 basis point hike did mark a slowdown in the pace of rate hikes, coming off the previous 75 basis point hike in November.

The MPC stated, “The labor market remains tight and there has been evidence of inflationary pressures in domestic prices and wages that could indicate greater persistence and thus justifies a further forceful monetary policy response.”

In October, consumer price inflation hit a 41 year high of 11.1%, as the costs of energy and food skyrocketed.

Last month, the Bank of England said the nation’s economy had likely already entered a recession which could last until the end of 2023. Its current prediction is for the nation’s gross domestic product to shrink by 0.1% in Q4 of 2023.