ECB is deliberately vague on next rate hike

AIB rate increase to be followed by other main banks

With increased mortgage interest rates to impact more and more current and potential homeowners, the European Central Bank's Chief Economist said the body was being purposefully vague on how far interest rates will have to rise to ensure inflation returns to the 2% goal.

Philip Lane, the former Governor of the Central Bank of Ireland said their decision on how much they will hike rates further at this month's meeting of the ECB will be dictated by the latest data on inflation. The ECB has already hiked rates in July and September by 0.5 and 0.75 basis points respectively.