ECB pledges interest rate rise in July as inflation bites
12 June 2022 | 7:12 am
The European Central Bank has left the interest rate unchanged but indicated that it will rise in July — the first hike since 2011. It is also halting a program which ultimately amounts to printing electronic money.
June 2, 2023
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The European Central Bank is currently fighting rampant inflation in the eurozone which is just one of the many crises its policymakers have had to face in the past 25 years.
German consumers are looking less concerned when shopping for groceries these days, as prices for food have begun falling slowly. But is peak inflation behind them?
The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent.
The Reserve Bank of India has left the benchmark repo rate unchanged at 6.5% as inflationary pressures ease. However, the bank warned some risks remain.
Food prices have almost doubled within a year, and increasing numbers of retired people are falling below the poverty line. Meanwhile, the government continues to invest heavily in the arms industry.
German stocks have rallied to a new record amid expectations that US interest rate rises are about to plateau.
The latest El Nino climate phenomenon has arrived, threatening floods in some areas of the world and droughts in others. Previous disruptive weather patterns cost the global economy trillions and stoked inflation.
Annual inflation dropped to 5.5% in the 20 eurozone countries. However, the European Central Bank is still expected to raise interest rates in July.
African currencies have lost ground against the US dollar this year, further driving inflation in the import-reliant region. Depleting dollar reserves have left policymakers with limited options to arrest the decline.
The interest rate was increased to an anticipated 5.25%, the bank's 14th hike in a row. The bank is expected to continue with its policy of hiking the interest rate in the next months to combat inflation.
The People's Bank of China announced it was cutting its key one-year interest rate for the second time in three months on Monday, but left its five-year rate unchanged.
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