Under normal circumstances, the increases would likely pile pressure on the European Central Bank to start mulling the prospect of raising its main interest rate from a record low of zero. The bank is tasked with setting policy to meet a 2% inflation target. Were the variant to start affecting growth levels, then prices, such as oil, would likely drift lower, easing inflation rates worldwide. “November’s inflation data were yet another surprise on the upside,” said Jack Allen-Reynolds, senior Europe economist at Capital Economics. “The omicron variant has increased the level of uncertainty even further, but for now, we suspect that it will have a fairly small impact on inflation.”

Source: Libya Today November 30, 2021 10:44 UTC