The Bank of England (BoE) has hiked its interest rate by half a point to 3.5 percent, the highest level in 14 years, in a bid to cool sky-high inflation.

Thursday’s increase was the BoE’s ninth in a row, while the amount matches a hike on Wednesday by the United States Federal Reserve.

The European Central Bank later on Thursday hiked its main interest rate by 0.50 percentage points to 2.5 percent as it battles to reduce inflation in the eurozone.

The hike was less than in November, when the BoE increased borrowing costs by 0.75 percentage points.

The US Fed also slowed the pace of its tightening on Wednesday, as inflation eases on both sides of the Atlantic.

The BoE on Thursday added that it expects the United Kingdom’s economy to contract 0.1 percent in the fourth quarter, better than its previous forecast for a contraction of 0.3 percent.

The BoE and UK government both believe the British economy has entered a recession that is expected to last all next year on fallout from rocketing energy and fuel bills.