ECB open to further rate hikes beyond July meeting

European Central Bank president Christine Lagarde. So-called core prices, such as those for services, have been rising stubbornly fast, leaving the door open to a further rate hike by the ECB in September.

The European Central Bank — led by president Christine Lagarde — may need to continue raising interest rates beyond this month to bring inflation back to target, ECB policymakers said at their last meeting according to the latest published minutes. 

The ECB raised its interest rates to their highest level in 22 years at its gathering in the middle of June and said a ninth consecutive hike was all but guaranteed in July as it predicted inflation would stay above its 2% target through the end of 2025.