ECB Raises Interest Rates For The Eighth Since Last Summer

Thursday, 15 June 2023 10:42

By Caoimhe Harney

It brings the base deposit rate to 4%.

The European Central Bank says it's "fully committed" to fighting inflation.

It comes as the ECB has increased its interest rates by a-quarter-of-one-percent this lunchtime.

It's the eighth rate hike in a row since the ECB began battling inflation last summer, bringing the base deposit rate to 4%.

In a tweet earlier this month the ECB said it is “fully committed” to fighting inflation.

It said the level of inflation has fallen from the peak in October, but stood at more than six percent in May.

The ECB’s target is two percent, and it says its “determined” to achieve a timely return to that.

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