Financial TimesFinancial Times

ECB raises interest rates back to highest-ever level

By Martin Arnold and George Steer

27 Jul 2023 · 2 min read

The European Central Bank has raised interest rates back to their record high, warning consumer prices are still rising too fast while keeping its options open for further increases.

The ECB’s decision on Thursday to raise its benchmark rate by a quarter-percentage point to 3.75 per cent matches a peak last reached in 2001 when it was trying to boost the value of the newly launched euro.

Sign in to informed

  • Curated articles from premium publishers, ad-free
  • Concise Daily Briefs with quick-read summaries
  • Read, listen, save for later, or enjoy offline
  • Enjoy personalized content