The European Central Bank raises interest rates by 0.25%

Before the ECB announced its latest interest rate increase, figures from the Central Statistics Office showed the pace of annual Irish inflation cooled to 6.3% in April.

President of the ECB Chrstine Lagarde

European Central Bank (ECB) introduced a 0.25% interest rate at its latest monetary policy meeting, despite inflation remaining stubbornly high.

This ECB hike represents the seventh rate increase introduced in less than a year in an effort to drive down sticky inflation. Accumulatively, the ECB has raised interest rates by 3.75% since last summer.