The Bank of England held interest rates at a 15-year high on Thursday, as policymakers sought to squeeze out inflationary pressures even amid signs of economic slowdown.

The bank’s key rate remained at 5.25 percent, following a faster-than-expected retreat in inflation, which dropped below 5 percent in October. Still, the inflation rate was more than double the central bank’s 2 percent target.

Troubling to some policymakers and analysts, the rate is also high compared to European neighbors, and workers on average are experiencing relatively fast wage growth, pushing up prices in the services sector. Indications that domestic price pressures remain quite strong mean traders are not expecting the central bank to cut rates until the middle of next year.

“We’ve come a long way this year, and successive rate increases have helped bring inflation down,” Andrew Bailey, the governor of the bank, said in a statement. “But there is still some way to go.”