The Bank of England announced another “forceful” increase in interest rates Thursday, saying it was too soon to declare victory against inflation that has slowed slightly but is still fueling a cost-of-living crisis, public-sector strikes and fears of recession.

The bank raised its key rate by half a percentage point, to 4%, resisting the temptation to follow the U.S. Federal Reserve in easing its response to the crisis. The British central bank has approved four straight increases of a half-point or more since Russia’s invasion of Ukraine triggered sharp rises in food and energy prices.

“We have done a lot on rates already … but it is too soon to declare victory just yet,” bank Gov. Andrew Bailey said at a news conference. “Inflationary pressures are still there … and we need to be absolutely sure that we really are turning the corner on inflation.”

Even so, the bank moderated expectations for further rate increases, dropping suggestions that it would respond “forcefully” to price pressures and implying that future moves would be smaller. Getting rid of that language was intentional and designed to send a signal to financial markets, Bailey said.

Central bankers worldwide are struggling to balance competing economic demands as they try to rein in inflation, which erodes savings and increases costs for consumers and businesses, without unnecessarily hurting economies that are still recovering from the effects of the COVID-19 pandemic.

The Federal Reserve has started tapering its response, boosting its key rate by just a quarter-point Wednesday. The European Central Bank, meanwhile, went big again Thursday, approving another half-point increase.

Economists had previously suggested that the Bank of England’s decision Thursday would be the last big rate increase after inflation slowed to 10.5% in December from a 41-year high of 11.1% two months earlier.