European Central Bank raises interest rates a quarter point to quell energy-fueled inflation
Headline from WTOP Washington DC
FRANKFURT, Germany (AP) — The European Central Bank raised interest rates Thursday to cool inflation that is being fed by high oil prices from the Iran war. The decision was supported by a stronger-than-expected economy that suggests businesses can weather the higher borrowing costs.
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The European Central Bank is set to raise borrowing costs for the second time since the Iran war sent energy prices soaring, with inflation locked well above target and the region’s economy proving surprisingly robust.
The European Central Bank is set to raise borrowing costs for the second time since the start of the Iran war. The deposit rate will be lifted by a quarter-point to 2.5% on Thursday, according to all but one analyst in a Bloomberg poll. Bloomberg's Oliver Crook reports from Berlin.
The European Central Bank increased interest rates for the second time since the Iran war broke out in February, responding to signs inflation is set to stay well above 2%.
FRANKFURT, Germany (AP) — The European Central Bank raised interest rates Thursday to cool inflation that is being fed by high oil prices from the Iran war. The decision was supported by a stronger-than-expected economy that suggests businesses can weather the higher borrowing costs.
The European Central Bank increased interest rates for the second time since the Iran war started, responding to signs inflation is set to stay well above 2%. The deposit rate was lifted by a quarter-point to 2.5%. Bloomberg's Oliver Crook reports from Berlin. (Source: Bloomberg)
The European Central Bank raised borrowing costs and warned that inflation could remain high for an extended period. Energy markets and geopolitical tensions are still major concerns.
A quarter-point increase in baseline borrowing costs across the bloc came as officials warned of “upside” inflation risks and oil prices shot above $100 a barrel.
