ECB warns of more pain to come in inflation fight after rate hike 

Some Irish experts have warned about the consequences for households and businesses of further rate increases

European Central Bank president Christine Lagarde said 'inflation is stlll being pushed up by the gradual pass-through of past energy-cost increases and supply bottlenecks'.

European Central Bank head Christine Lagarde has effectively warned households, businesses, and investors to expect more financial pain after unveiling a further rate hike on Thursday and indicating it still has more work to do to win its fight against inflation. 

The quarter-point rise was smaller than the hefty half-point than some economists had feared, but Ms Lagarde made clear the ECB was not for "pausing" and that further action was on the way until it assessed that price pressures had been tamed.