The New York TimesThe New York Times

European Central Bank raises rates again in fight against inflation

By Eshe Nelson

27 Oct 2022 · 3 min read

Editor's Note

The European Central Bank has decided to raise interest rates again in an effort to control inflation. And according to ECB President Christine Lagarde, "We are not done yet."

The European Central Bank imposed another large interest-rate increase Thursday, as policymakers tried to quell the region’s record-high inflation.

The central bank, which sets monetary policy for the 19 countries that use the euro, raised interest rates by three-quarters of a percentage point, matching the previous increase last month. After a slow start in raising rates — its July increase was the first in more than a decade — the bank said it had rapidly tightened its policy stance as inflation has proved worse and more persistent than the bank expected.

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