High inflation sees ECB hold main interest rate at 0.75%

The ECB kept the main eurozone interest rate unchanged at 0.75% on the back of higher than forecast inflation.

Expectations had risen prior to the ECB meeting that it might chop 0.25% off the main rate in view of the poor economy. However, ECB president Mario Draghi cited the 2.7% September inflation as the main reason for holding the rate.

The ECB has a target inflation rate of 2%.