All nine members of the Bank of England's Monetary Policy Committee voted to leave interest rates at 4.75 per cent this month without even discussing the need for a hike.
Minutes of the MPC's November 3rd and 4th meeting published today showed that policymakers preparing their quarterly forecasts saw growth near trend and inflation on course to hit its two per cent target in two years.
While the economy was probably close to capacity and inflationary pressures likely to build, price increases were still running well below target and there were numerous uncertainties surrounding the outlook with risks to the downside.
"Different members gave different weights to these considerations but the Committee agreed that no change in the level of official rates was needed at this time in order to keep inflation on track to meet the target in the medium-term," the minutes said.
Financial markets have increasingly taken to pricing in no more rises in interest rates in the current economic cycle, a turnaround from the situation just a few months back when most analysts had predicted a November hike.
The MPC noted that economic growth in the third quarter had been considerably weaker than expected while house price inflation was declining rapidly.