LONDON—The Bank of England looks set to press on with raising interest rates on Thursday as it tries to stop soaring inflation from becoming engrained in the British economy. All but five of 49 economists recently polled by Reuters thought the BoE will raise Bank Rate for a third meeting running, back to its pre-pandemic level of 0.75 percent, with the rest expecting it to stay on hold at 0.5 percent. The BoE last month predicted inflation will peak at around 7.25 percent in April—almost four times the British central bank’s 2 percent target—but that forecast has been overtaken by seismic shifts in European energy markets following Russia’s invasion of Ukraine. Investors will be watching for any new thinking from rate-setters on how they—like central bankers elsewhere—plan to deal with the competing forces of price pressures and slowing economic growth which could even turn into a recession. The U.S. Federal …