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ECB explains rate hikes over inflation
The European Central Bank raised interest rates by a quarter of a percentage point to curb inflation, which has exceeded 3% in the Eurozone, amid expectations of rising inflation and slowing economic growth. This move comes amid ongoing financial pressures and the impact of the Middle East conflict. It is the first action by major banks after the Bank of Canada kept interest rates unchanged, with a possible rate hike again in July being considered.
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