LONDON—The Bank of England raised its benchmark interest rate to its highest level in almost a decade, highlighting how quickening inflation remains a bigger worry for central banks than a brewing global trade war.

The move marks the latest small step by a major central bank to dial back the monetary stimulus that has been supporting the global economy since the financial crisis tipped the world into recession in 2009. BOE officials Thursday voted unanimously to raise the central bank’s policy rate to 0.75% from 0.5%, the second rate increase in less than a year.

The change in policy also underscores that—for now—the widening trade dispute between the U.S. and its biggest trading partners isn’t causing the kind of economic disruption that could throw the global economy out of kilter.

The U.S. Federal Reserve held short-term interest rates in the U.S. steady Wednesday but signaled that it remains on track to raise them again next month. Officials didn’t even mention trade policy in their regular policy statement.

Central banks in India and the Czech Republic nudged up their main interest rates this week, while the European Central Bank is poised to phase out its bond-buying program later this year.