Euro bank expected to raise interest rates again today

The European Central Bank is expected to increase interest rates today for the fifth time in less than a year.

Economists are predicting an increase of a quarter of one percentage point, which would add between €30 and €40 to the average monthly mortgage repayment in Ireland.

They are also warning home-owners that a further increase is likely to be approved by the bank before the end of this year.

The ECB has already raised its rates on four occasions since last December to tackle rising inflation in the euro-zone.