Global Rate Hikes Intensify as Oil Prices Surge

The European Central Bank (ECB) is set to raise interest rates for the second time this year, following a procession of monetary policy tightening around the world due to rising oil prices in the Middle East. The ECB's deposit rate will likely increase by 0.25 percentage points from its current 2.25% to 2.5%, according to 65 experts surveyed by Reuters.

The main reason for this rate hike is the surge in consumer price growth in the Eurozone, which reached 3.3% year-on-year last month, exceeding the previous month's 2.9%. Energy inflation soared to 14.3% in August from 10.3% in July.

The Bank of Japan (BOJ) is also expected to raise its key interest rate further next week, with a 98% probability that the policy rate will be increased from 1% to 1.25%, according to financial markets.