Europe's cost of living crunch intensified as prices soared in Germany, France and Italy, sparking warnings that interest rates will rise 'like a runaway train'. The figures came amid fresh warnings from the European Central Bank (ECB) that more interest rate rises are coming as it battles to put a lid on inflation. Pain: The European Central Bank has warned that more interest rate rises are coming as it battles to put a lid on inflationThe ECB this week doubled interest rates – hiking them from 0.75 per cent to 1.5 per cent. ECB official Peter Kazimir warned the rises were 'like a runaway train' yesterday, adding: 'It will go even higher in December and the first months of next year.' The figures sent borrowing costs across Europe higher on expectations of further rises from the ECB.

Source: Daily Mail October 29, 2022 07:19 UTC