European Central Bank to announce latest interest rates decision today
European Central Bank president Christine Lagarde: Interest rates are likely to stay high for as long as needed – and this may be for quite some time. Photograph: Daniel Roland/AFPMortgage holders are braced for the latest interest rate decision today from the European Central Bank, with opinion remaining divided in financial markets about whether another increase is on the way.
Reports that ECB economists were predicting higher inflation than expected next year is likely to be used by some members of the central bank’s governing council to push for another 0.25 percentage point rise.
Reuters has reported that the ECB’s new inflation forecast – presented to its council on Wednesday – predicts that the inflation rate will average above 3 per cent next year, which is higher than expected and above the average market forecast of 2.7 per cent. Higher oil prices are also giving an upward push to inflation in the short term.
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