ECB Expects to Continue Raising Rates Despite Slowing Economy

Brussels, September 26 (QNA) – President of European Central Bank (ECB) Christine Lagarde said on Monday that they will continue hiking rates in the face of slowing economic growth in the Euro area in order to fight inflation.

Addressing the European Parliament, she said that upcoming meetings will see the ECB raise interest rates in order to curb demand and avoid the risks of continued high levels of inflation. She maintained however that any rate decision will remain data-dependent.

Inflation in the Euro area rose to 9.1 percent in August, with energy and food big contributors to overall inflation. Almost half of the items in the inflation basket recorded annual inflation rates above 4 percent. (QNA)