A picture shows the Bank of England, Britain's central bank, in the City of London on February 2, 2023. (Photo: AFP)

The Bank of England on Thursday hiked its interest rate for a tenth time in a row as global authorities race to combat sky-high inflation.

The central bank's Monetary Policy Commitee voted at a regular meeting to lift its key interest rate by a half-point to 4.0 percent, the highest level since late 2008.