The Bank of England paused its historic rate hiking campaign for the first time in nearly two years Thursday after inflation fell unexpectedly in August.

The decision keeps the main borrowing cost for commercial banks in the United Kingdom at 5.25% — still the highest level since February 2008 following 14 rate hikes in a row. The Federal Reserve also kept rates on hold Wednesday, as did Switzerland's central bank earlier on Thursday.

— This is a developing story and will be updated.