The European Central Bank has confirmed that interest rates will rise by 0.5%, with tracker mortgage repayments now due to increase
THE EUROPEAN CENTRAL Bank has announced that it will be raising interest rates by 0.5% as part of efforts to tame inflation.
Bank of Ireland has confirmed that tracker mortgage repayments will increase by 0.5%, in line with the ECB hike. Since July, it has lifted interest rates by 2.5 percentage points to tame consumer price growth – which peaked in October at over five times the bank’s two-percent target. As Moscow slashed deliveries following its invasion of Ukraine, European governments rolled out relief measures to cushion consumers and businesses from surging prices, and rushed to fill up storage facilities.
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