The European Central Bank raised interest rates for the first time in almost three years, concluding it can no longer ignore the upswing in inflation caused by the Iran war. The deposit rate was lifted to 2.25% from 2%. Bloomberg's Oliver Crook reports from Frankfurt. (Source: Bloomberg)
The European Central Bank became the first central bank to raise interest rates over inflation brought by the war with Iran. The bank announced on Thursday that it was raising three key ECB interest rates by 25 basis points to keep inflation under control at 2% in the medium term. The ECB was a natural […]
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Inflation, as measured by the producer price index, soared eight-tenths of a percentage point to 6.5% for the year ending in May, the Bureau of Labor Statistics reported Thursday, driven by higher energy costs from the war in Iran. The inflation rate was the highest since November 2022, when inflation spiked under President Joe Biden […]
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European Central Bank President Christine Lagarde says euro-zone inflation should return to the 2% target by the second half of 2027, warning that a prolonged war in Iran, and subsequent impact on energy prices, would be a drag on growth. She made the comments at a news conference in Frankfurt after policymakers raised interest rates for the first time in almost three years, to 2.25% from 2%. (Source: Bloomberg)