The European bank is committed to making money up to 2% more expensive to curb runaway inflation
The European Central Bank (ECB) announced this Thursday a rate hike of 0.75 points, which raises the price of money to 2%. This is the third increase of this type carried out by the entity, after the increases in July and September, and which represents one more step in its roadmap to reduce inflation, which in September reached 9.9% in the eurozone.
Containing prices has become the main objective of the ECB, after they reached record levels, due to the rise in food and energy prices since the beginning of the Russian invasion in Ukraine.
This Thursday’s decision represents “considerable progress” in the normalization of monetary policy, says the ECB, which “plans to continue increasing rates” to ensure that inflation is contained at 2% in the medium term. The governing council of the entity will base its future measures on the evolution of inflation and the economy, which has cooled down in the second half of the year.
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