February 4, 2022
1 min read

European Central Bank retains rates amid inflation

The ECB is going to keep a close eye on incoming data and analyse factors that will drive up prices in the short term and affect its medium-term target of two percent….reports Asian Lite News

The European Central Bank (ECB) has decided to keep interest rates and other monetary policies unchanged in spite of inflation spikes in the euro area.

Inflation in the euro area remained high at 5.1 per cent in January and the ECB insisted that it is to decline in the course of this year, reports Xinhua news agency.

While addressing reporters here, ECB President Christine Lagarde acknowledged that there was “unanimous concern” about elevated inflation at the governing council meeting.

Lagarde stressed that price stability is the mandate of the central bank and she cautioned against rushing into decisions in the event of price hikes, which are mainly attributed to higher energy costs.

Euro area’s inflation hits highest level in 25 years

The ECB is going to keep a close eye on incoming data and analyse factors that will drive up prices in the short term and affect its medium-term target of two percent.

Economic growth in the euro area slowed to 0.3 percent in the last quarter of 2021.

The current wave of Covid-19 pandemic is weighing on economic activity, which will remain muted in the early part of this year, Lagarde said in a statement.

She added that the economy will pick up “strongly” in the course of the year when the factors restraining production and consumption gradually ease.

ALSO READ: Israel, UK agree to upgrade FTA

Previous Story

Israel, Bahrain sign security pact

Next Story

Six women activists still missing in Afghanistan

Latest from -Top News

Pak Army Chief Targets India Again

This is not the first time that Munir has indulged in loose talk, exhibiting conduct unbecoming an officer….reports Asian Lite News Pakistan’s Chief of Army Staff (COAS) General Syed Asim Munir on

Relief for Students: US Visa Cancellations Paused

More than 1,500 student visas have been cancelled so far…reports Asian Lite News The United States on Friday abruptly paused the cancellation of student visas issued to international students, according to reports.

Yunus Must Be Treated Like Hasina, Warn Islamists

Islamist group made these warnings to the interim government, terming the women’s reform body proposals as “anti-Islamic…reports Asian Lite News The radical Islamist group in Bangladesh, Hefazat-e-Islam, has issued a threat, stating

UN: Bring Pahalgam Terrorists to Justice

The members of the Security Council “stressed that those responsible for these killings should be held accountable..reports Asian Lite News The Security Council has “condemned in the strongest terms” the Pahalgam terrorist
Go toTop

Don't Miss

US, Europe worst hit in global monkeypox outbreak: WHO

Over 18,000 monkeypox cases have been reported to the WHO

Putin places nuclear “deterrent” forces on special alert

Putin earlier on Sunday praised his special forces for “heroically