FRANKFURT: The European Central Bank on Thursday raised borrowing costs a quarter percentage point, taking a key rate to its highest level since early 2001 as its battle against surging inflation reached the one-year mark.
In all, key rates have risen by 4.25 percentage points since the ECB made its first move in July last year after Russia's invasion of Ukraine sent prices for energy and food soaring. Collectively, the 20 countries in the currency bloc fell into recession around the turn of the year, shrinking for two straight quarters.Observers will be listening closely to ECB President Christine Lagarde's press conference at 2:45pm for an indication of whether the institution will continue with hikes at its next meeting.
"While some measures show signs of easing, underlying inflation remains high overall," the central bank said. But uncertainty over the future course of interest rate rises could already be found among members of the ECB's governing council ahead of Thursday's meeting.
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