Eurozone Interest Rates In Record Rise To Address Inflation

There is now a record rise in eurozone interest rates.

This is revealed by the European Central Bank.

It says the move is done in a bid to address inflation.

Deposit rate stands at 0.75 percent from zero.

Refinancing rate is 1.25 percent from 0.5 percent.

In July this year the bank raised its interest rates.

This was the bank’s first increase in more than eleven years.

Energy experts say higher energy prices are contributing to the inflation going up.

They say prices were rising more quickly as economies recovered from the effects of the Covid-19 pandemic.

Inflation the experts revealed went higher due to Russia’s war in Ukraine.

It says the move is done in a bid to address inflation.