ECB to Raise Interest Rates Again, Piling Pressure on Eurozone Borrowers

A new interest rate rise from the European Central Bank (ECB) is expected to be announced soon, which could lead to higher mortgage and business loan repayments for households and companies in the eurozone.

The ECB's Governing Council has two more meetings scheduled before the end of the year, on October 29 and December 17, with German central banker Joachim Nagel stating that a new rate rise is 'effectively certain.'

Nagel has cautioned against speculation about future interest rates, but notes that inflation in the eurozone remains above the 2% target at around 3%, leaving little room for the bank to ease monetary policy.