LONDON: The Bank of England has paused nearly two years of interest rate increases after a surprising fall in UK inflation eased concerns about the pace of price rises. In a development Thursday that few predicted just two days ago, the central bank kept its main interest rate unchanged at a 15-year high of 5.25 per cent. It comes to the relief of millions of homeowners who are facing higher mortgage rates. The decision was split, with four of the nine members of the Monetary Policy Committee voting for a hike. The US Federal Reserve left rates unchanged Wednesday. Clearly influencing the bank’s decision was news Wednesday that inflation unexpectedly fell to 6.7 per cent in August, its lowest level since Russia invaded Ukraine in February 2022. The Swiss National Bank joined the Fed in holding rates steady on Thursday, but in a busy day for central bank action in Europe, Sweden’s and Norway’s central banks pushed ahead with quarter-point hikes.