ECB hikes interest rates by 0.75% to tackle inflation
13 September 2022 | 10:47 am
The European Central Bank has hiked its key interest rate by an unprecedented 0.75 percent, as it tries to tackle the highest inflation in the bloc's history. But the pace of price rises is largely due to energy costs. Craig Erlam, Senior Market Analyst at Oanda, says the policy shift "is not going to be as effective as you would ordinarily see". He says government action – like the UK's newly-announced plans to cap energy bills – will have a bigger impact for most consumers.
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The head of Germany's central bank has said it will take until 2024 for inflation to decline sharply. Joachim Nagel said it would take time for the effect of higher interest rates to kick in.
Consumers can expect more price rises in 2023 and 2024 as energy costs remain elevated, the head of a group of experts advising the German government said.
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