The Bank of England's rate-setting body voted unanimously to hold rates at 5% in December, minutes have shown.
However, the Monetary Policy Committee (MPC) was split over the balance of risks for the outlook of inflation.
Some members put more weight on risks to higher inflation such as the housing market, while others noted downside risks like falling consumer spending.
The MPC also wanted to wait and see what effect August and November's rate rises would have on the economy.
The decision by the Bank to leave rates at 5% at the 7 December meeting had been widely expected by analysts.
However, experts remain divided about the future course of interest rates, and minutes of the MPC meeting did little to offer any direction for future decisions.
"Some members placed more weight on the news about upside risks from: money growth; investment, housing market developments and inflation expectations," notes from the meeting said.
"Other members placed more weight on the potential downside risks from: the growth outlook in the United States as the housing market there slowed; the slack in the labour market and slower than average UK household consumption growth."
Source: BBC News Online
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