LONDON, United Kingdom — The Bank of England raised its benchmark interest rate Thursday, judging that rising energy costs and stronger economic activity required tighter policy despite limited evidence so far of broader wage and price spillovers.

The Monetary Policy Committee voted 8–1 to lift Bank Rate by a quarter percentage point to 4 percent. The dissenting member wanted a larger half-point increase to 4.25 percent, rather than no increase.

The bank said British consumer inflation reached 3.5 percent in September and could climb to roughly 5 percent around the middle of next year. Its target remains 2 percent.

Policymakers linked the pressure to elevated global energy prices during the Middle East conflict. Higher financing costs are intended to restrain inflation but also affect borrowers and businesses.

The committee said further decisions will depend on evidence about wages, company pricing and spare capacity. It did not announce an automatic series of increases. Its next scheduled rate decision is December 17.