Europe's central bank to hike interest rates for first time in 11 years
CBSN
The European Central Bank said Thursday it plans to carry out its first interest rate increase in 11 years next month, followed by another hike in September, as it catches up with other central banks worldwide in pivoting from supporting the economy during the pandemic to tamping soaring inflation.
The surprise announcement came after the bank's 25-member monetary policy council met in Amsterdam, saying inflation had become a "major challenge" and that those forces had "broadened and intensified" in the 19 countries that use the euro currency. It will end its economic stimulus program and raise rates by a quarter-point in July.
The move underlines concerns about surging consumer prices, which rose by an annual rate of 8.1% in May, the highest since statistics started in 1997. The bank's target is 2%. Russia's war in Ukraine has sent shock waves through the EU economy, particularly through rising energy prices.
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