ECB Had Planned Further Rate Hike to Combat Energy Price Rise

The European Central Bank (ECB) had already planned for another interest rate hike to contain inflation, according to their account of the July meeting.

Despite keeping rates steady at the July 22-23 meeting, ECB policymakers believed they would likely need to raise them again to combat the rising energy prices caused by the Iran conflict.

The rate increase was expected to happen as soon as September, with some sources indicating that it could occur on September 9 or 10, taking rates up to 2.50% from 2.25%.