ECB suggests possible rate hike to fight inflation

The European Central Bank hints at the possibility of raising interest rates again to reduce inflation to its target of 2%. This comes despite the ongoing rise in energy prices and the effects of the war between the United States and Iran. Most economists expect a 25 basis point increase in September 2023, with monetary policy remaining unchanged until mid-2027. Inflation in the Eurozone rose to 2.9% in July, moving further away from the target. This move comes amid continued inflationary pressures and the impact of geopolitical tensions on oil prices and economic growth.

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