ECB Readies Second Interest Rate Hike Amid Inflation Concerns

The European Central Bank (ECB) is gearing up for its second interest-rate hike in the coming week, solidifying its position as the most hawkish central bank among the Group of Seven (G7).

This move follows recent data showing eurozone inflation jumped to 3.3% in August, the fastest pace in almost three years and above the 2% target.

The ECB's decision is seen as a response to the persistence of Middle East hostilities and renewed increases in fuel costs, which have weighed heavily on energy-dependent economies in the region.