European Central Bank confirms July rate hike plans, raises inflation projections significantly
- Annual consumer price inflation across the 19-member euro area hit a fresh record high of 8.1% in May.
- Following its latest monetary policy meeting, the Governing Council announced it intends to raise its key interest rates by 25 basis points at its July meeting.
- Policymakers face the challenge of reining in inflation without compounding the economic slowdown resulting from the war in Ukraine and the associated sanctions.
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