ECB raises interest rates for first time since 2023

WAM
11 Jun 2026, 19:07 GMT+10

BRUSSELS, 11th June, 2026 (WAM) -- The European Central Bank (ECB) has raised interest rates for the first time since 2023, in a move aimed at containing mounting inflationary pressures linked to global developments.

The ECB decided to increase its deposit rate from 2 percent to 2.25 percent, while financial markets are anticipating two additional rate hikes by spring next year.

The decision comes after eurozone inflation rose to 3.2 percent in May 2026, compared with 3 percent in April, reflecting the impact of higher energy prices and the continued rise of oil prices above US$90 per barrel.

The move is widely seen as a pre-emptive effort to curb inflation, particularly following criticism that the ECB was slow to tighten monetary policy during the Ukraine crisis in 2022.

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