The European Central Bank could consider a massive interest rate hike at its meeting next week.
As a result of August, consumer prices in the 19 eurozone countries jumped by 9.1% compared to August last year. This is a new record, according to Bloomberg on Wednesday, August 31.
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“Eurozone inflation has accelerated to another all-time high, strengthening the case for the European Central Bank (ECB) to consider a massive interest rate hike at its meeting next week,” it said.
The core inflation indicator rose to a new high of 4.3%, so price pressure continues to expand.
“Now the question is whether there is enough data to push the ECB to raise the rate by 75 basis points… Such a hike has already been applied twice by the Federal Reserve, although ECB officials have warned against following suit while Europe is heading for a recession, ” – wrote the agency.
It will be remembered that in July the inflation rate in the euro area increased to 8.9%. This is also a historic high. In the same month, the ECB raised interest rates for the first time in 11 years.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.