The European Central Bank is set to hike interest rates again on Thursday, with policymakers in Frankfurt shifting their focus to core inflation and trying to predict when sky-high consumer prices might fall.
The euro area economy is proving more resilient than expected and even avoided a contraction in the last quarter of the year.Meanwhile, the International Monetary Fund upgraded its growth outlook for the world economy for the first time in a year citing China and stable U.S. demand.
"With the economy proving more resilient to the energy shock and the labour market still tight, we think price pressures stemming from the services sector will take much longer to materially cool," said Paul Hollingsworth, chief economist for Europe at BNP Paribas, in a recent research note.. France and Spain recorded growth which made up for the shrinking output of Italy and Germany.
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