Chief economist Lane says ECB may need to hike rates again in May

The ECB has raised rates by a combined 3.5% since July but did not provide specific guidance for its May 4 meeting

ECB chief economist Philip Lane said the lowest-paid households suffer disproportionately from soaring prices and it was important to rein in inflation.    

The European Central Bank chief economist Philip Lane has kept the debate over future interest rates boiling, saying rates may need to up again next month if inflation develops along the path seen before the eruption of turmoil for banking markets.      

Mr Lane, the former governor of the Central Bank of Ireland, told the Cyprus News Agency the ECB would also weigh the recent spike in global crude oil prices, as well as the drop in wholesale gas prices, in its decision-making.