The European Central Bank has said it will raise its key interest rates for the first time in over a decade next month, with inflation to remain 'undesirably elevated for some time' and soaring to 6.8 percent in 2022
A press conference will be held at 12:30 Irish time. Image: Alamy Stock Photo A press conference will be held at 12:30 Irish time. Image: Alamy Stock Photo Updated 4 minutes ago
The ECB’s previous projections in March had seen consumer price rises reaching 5.1 percent in 2022, 2.1 percent in 2023 and 1.9 percent in 2024. The stop is a prelude to the ECB hiking rates for the first time in over a decade in the weeks that follow,Inflation in the eurozone rose to 8.1% in May, the highest level in the history of the currency club and well above the ECB’s own two-percent target.
The unusually clear statement foresaw an end to the ECB’s crisis-era stimulus programme “very early in the third quarter”. Some members have called on the ECB to follow the US Federal Reserve and bring the curtain down on negative interest rates with a single half-point hike.
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