European Central Bank expected to hike interest rates again as inflation grows

THE EUROPEAN CENTRAL Bank is expected to announce another interest rate increase after the inflation rate in the eurozone inched higher last month.

Core inflation, which excludes volatile food and fuel, slowed slightly but was still high at 5.6%, underlining the expectation that the ECB will press ahead with its campaign to beat inflation into submission with rate hikes. While the slight fall in food inflation is good news, economists say those are partly statistical quirks due the fact that lower figures from before the current outbreak of inflation have aged out of the annual comparison, known as a base effect.Of more concern is core inflation, considered a better measure of price pressures in the economy from demand for goods and higher wages.

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