In January, the Bank increased rates from 5.0% to 5.25% in an attempt to curb inflation, which had hit an 11-year high of 3% the month before and many had expected another rise this month.
The Bank of England has increased interest rates on three occasions since last summer, by one quarter of a percentage point each time in August, November and January.
Global Insight chief economist Howard Archer suggested the Bank's decision could well have been a result of a close vote by the Monetary Policy Committee (MPC) and may prove to be only a "temporary reprieve".
"We currently expect 5.5% to be the peak in interest rates, but there is a very real risk that interest rates could go higher still."
The economy remains strong, with forecasts predicting 3% growth in the first few months of 2007, while inflation has been significantly above Bank targets for a number of months, partly as a result of high fuel costs.
Meanwhile, the housing market is resilient. The latest Halifax Property Price Data showed property prices rising 1.3% in January, although the group expects prices to dip later this year.
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