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.
Zimbabwe's central bank has announced plans to sell gold coins in a bid to tame runaway inflation that has considerably weakened the local currency.
Rising inflation worldwide has made nearly everything more expensive - from energy to essential consumer goods. One country hit the hardest by rising prices is Argentina - inflation hit 51% at the end of 2021 and is expected to top 70% by the end of this year. Our correspondents Eléonore Vanel and Nicolas Flon took a look at the different avenues - both legal and illegal - Argentinians are taking to deal with the skyrocketing cost of living.
Before publishing its newest economic forecast Thursday, the Eurogroup is addressing issues driving policy. Coronavirus, supply chains and Russia's war on Ukraine are just some of the headaches they are dealing with.
Inflation in the US sent prices for gas, food and rent surging in the fastest rate since 1981. The pressure on US households is likely to lead to the Federal Reserve hiking interest rates again.
The Hungarian government has just extended price caps on fuel and other items until July 1. Will that work against soaring prices?
Estonia is considered the richest country out of the three Baltic states, and yet it has the highest inflation in the eurozone. That's making life difficult for the poor.
Soaring inflation is prompting the bank to raise interest rates from current historic lows. The move could put a brake on rising prices but might also dampen growth.
Headline consumer inflation in South Africa surged to 7.4% in June, higher than analysts' predictions and ahead of a central bank interest rate announcement. Rhiannon Oliver has more.
Ghana's inflation has hit nearly 30% — the highest in the last two decades — as citizens lament the skyrocketing cost of living. Could the International Monetary Fund provide a solution for the West African nation?
The ECB bank has raised key rates by 50 basis points, more than it had signaled. The hike could hurt its credibility as being predictable, but that's a small price to pay in these unusual times, says Ashutosh Pandey.
Inflation in Germany is likely to start dropping again over the rest of the year, according to a prestigious economic think tank. But researchers warn food prices may still rise.
The Fed added 0.75% to its benchmark interest rate for a second straight time. The increase of the interest rate to its highest level in four years comes as inflation continues to reach new heights.
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