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ECB Hikes for First Time Since 2023 as Inflation Heats Up
As U.S. President Donald Trump’s war in Iran threatens to once again send prices spiraling upward, the two central banks have to decide in real-time what lessons to learn from 2022 when a tepid response allowed inflation to spike to double-digit figures.
ECB raises interest rates by quarter point to 2.25%
The European Central Bank on June 11 raised its inflation forecasts while cutting growth expctations for this year as the blockade of the Strait of Hormuz threatens to prolong a surge in global energy prices.
Surging costs for oil and gas helped push inflation across the 21-nation euro zone above 3% last month, far exceeding the ECB's 2% target, and further increases are almost certain as the conflict lasts longer than most had predicted.
