The Bank of England is set to keep its main interest rate unchanged at 0.50 percent on Thursday, a month after increasing borrowing costs for the first time in a decade to contain a rise inflation stoked by last year's Brexit vote.

Though figures this week showed annual inflation rising further above the 2 percent target to 3.1 percent, policymakers at the central bank have voiced hopes that price increase will soon ease. The initial impact of the pound's fall following the vote to leave the European Union — it raised the price of imported goods like food and energy — is expected to fade in coming months.

Policymakers are also wary of raising rates too much given the economic uncertainty surrounding Brexit, due to take place in March 2019.