ECB to raise interest rates for the seventh time in a year

There are also further interest rate hikes expected in the next few months.Read more:Cost of living Ireland: Payment date for full Back to School Allowance with €100 bonusMarket analysts are divided over whether the bank will increase rates today by another half or a quarter of one percent, RTE News reports.Typical tracker interest rates have spiralled from just 1.15% in June last year to a 4.65% on average at present.

Food inflation has replaced energy as the main source of inflation. And while food inflation has been slowing since February, it is still rising at an annual rate of approximately 14% on average across the euro area.

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