ECB warns of persistent inflation

The European Central Bank has warned of the ongoing rise in inflation rates and emphasized the need for action to stop this inflation from becoming entrenched. It is expected that the bank will raise interest rates in September to combat the inflation, which has surpassed the target of 2%. In July, inflation reached 2.9%, and it is projected to hit 3.3% in August. These measures come amid ongoing repercussions of the war in the Middle East, which are exerting pressure on prices. The bank also reaffirmed the importance of preventing inflation from becoming a persistent phenomenon despite the prevailing economic uncertainties.

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