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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

ECB again Eyes Jumbo Rate Hike to 'Tame Inflation Beast'

The European Central Bank is pushing back against market expectations that it will lift borrowing costs in 2022 - AFP via Getty Images

The European Central Bank is expected to set aside recession worries and deliver another jumbo interest rate hike this week to cool inflation, as Russia's war on Ukraine sends energy prices soaring.

Inflation in the 19-nation eurozone climbed to an all-time high of nearly 10 percent in September, five times the ECB's target of two percent, AFP said.

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