The ECB last increased its interest rates on 15 June by 0.25%.
EUROPEAN CENTRAL BANK policymakers look set to deliver another interest rate increase today as their fight against eurozone inflation reaches the one-year mark with consumer prices still rising fast.
It would be the ECB’s ninth straight hike, and take the closely watched deposit rate to 3.75% – its highest level since 2000. Yet consumer prices have continued to rise at a fast clip. The rate of inflation in the eurozone sat at 5.5% in June – down from last year’s double-digit peak but still well above the ECB’s two-percent target.
Officials at the Frankfurt-based central bank are now more worried about the impact of rising wages as workers demand higher salaries to cover increased costs. Despite the already bleak economic outlook, policymakers would “insist on a data-dependent, wait-and-see approach”, said Salomon Fiedler, economist at Berenberg Bank.
Doubts over the future course of interest rate rises has already found an echo on the ECB’s governing council.
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