ECB Rate Hike Confirmed Amid Eurozone Inflation Surge

The European Central Bank (ECB) is expected to raise interest rates next week due to inflation in the Eurozone surpassing 3pc. Inflation in the region jumped from 2.9pc in July to 3.3pc in August, driven mainly by higher oil and gas prices.

This move will likely affect thousands of people with tracker mortgages, who saw a rate hike in June that left them paying more. Another increase could see new fixed rates and variables rising for mainstream lenders.

Experts say there is also a likelihood of further rate rises due to the ongoing conflict between the US and Iran, which is putting pressure on oil prices.