Business
Eurozone Inflation Rises to 3.2%, ECB Interest Rate Hike Looms
Higher energy costs and a pickup in services prices drove inflation in the eurozone further beyond the European Central Bank’s target in May, cementing expectations that policymakers will raise the key interest rate next week.
Ahead of the first U.S. and Israeli strikes on Iran at the end of February, inflation in the 21-nation currency area had been close to the ECB’s 2% target for around a year, falling below the threshold to 1.7% in January. The central bank’s President Christine Lagarde had repeatedly said monetary policy was in a “good place.”
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