by the associated press
The head of the European Central Bank could give more clues on Thursday about when the bank will start raising interest rates, with pressure mounting to follow the United States, the United Kingdom and other countries in taking a tougher line to combat rising consumer prices.
People in the 19 countries that use the euro have seen the costs of everything from food to fuel rise as inflation rose at an annual rate of 7.5%
last month, the highest since statistics began in 1997.
Driven by energy prices that have skyrocketed ever since Russia invaded Ukraine
, record inflation has drawn attention to when the European Central Bank will take more drastic action to rein in excessive price increases for consumers. Bank policymakers meet on Thursday.
President Christine Lagarde cracked the door open for an interest rate hike later this year during a post-meeting news conference last month, when the bank said it accelerate the end of your pandemic stimulus efforts
. That is the key to interest rate decisions because the bank has promised that a rate hike will only follow at the end of bond purchases.
The war in Ukraine has pushed inflation to unexpectedly high levels. Oil and gas prices have been rising in fears of a Russian cut
which is the world’s largest oil exporter, and as the recovery from the COVID-19 pandemic increases demand for fuel.