The European Central Bank on Thursday lifted interest rates by a quarter of a percentage point, as expected.
“Inflation has been coming down but is projected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner,” the ECB said in a statement.“Inflation has been coming down but is projected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner,” the ECB said in a statement.
The move comes a day after the Federal Reserve left rates unchanged, pausing after an aggressive series of increases, but signaled that half a percentage point of further monetary tightening remained in the pipeline. Inflation in the eurozone dropped to a 6.1% rate in May, Eurostat has estimated, down from a 10.6% peak in October, though that’s still well above the 2% target of the ECB. The core measure that excludes food, energy, alcohol and tobacco was 5.3% year-over-year.
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