There will not be any change in the interest rate due to inflation and the increased oil prices. London(Shakespearefinance) July 07, 2009:The Bank of England is in no mood of alter the interest rate. The bank looks set to hold interest rates steady for the third month. The policy makers seem trapped between high inflation on one side and sharply slowing growth on the other and are reluctant to change the interest rate. All 72 analysts of the apex bank polled by a well known news agency predicted the central bank's Monetary Policy Committee would leave rates at 5.0 percent. The meeting of the MPC is set on Thursday next week. Policy makers have blamed the nexus of above-target inflation and an economic downturn as the forces behind situation. They are creating the most challenging conditions in more than a decade and uncertainty abounds over the next rate move. However,a few MPC members considered a rate hike last month. A significant number of economists are of the view that the BOE will cut rates sometime in 2009 to give a boost to the slowing economy. Inflation is the most difficult challenge before the Bank of England. Inflation level hit 3.3 percent in May, its highest level since the current series began more in the later nineties. Inflation is expected to go higher still due to the soaring petrol prices. The cost of crude oil hit new record highs above $140, and could soon touch 4 percent. The growth of British economy slowed to just 0.3 percent in the first quarter and while consumption held up reasonably . All these factors are forcing the BOE to play safe with the interest rate.