The head of the European Central Bank (ECB) said ‘we will do what we have to do’ to get inflation back under control as officials paved the way for another bumper interest rate rise next month. On another dramatic day on financial markets, ECB president Christine Lagarde (pictured) vowed to keep putting up rates as eurozone inflation soared to a record 9.1pc. Slovak central bank governor Peter Kazimir said: ‘We have to be vigorous, even ruthless, regardless of the looming recession.’Robert Holzmann, Austria’s central bank governor, also backed a 0.75 percentage-point move. Inflation, as elsewhere in the world, has spiralled in the eurozone since the pandemic and invasion of Ukraine by Russia. The ECB raised rates for the first time in over a decade in July, from minus-0.5 per cent to zero, before hiking them again to 0.75 per cent this month.

Source: Daily Mail September 29, 2022 00:47 UTC