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European Central Bank Governing Council member Joachim Nagel urged a “strong” reaction to Wednesday’s inflation data when policy makers meet next week to decide on how quickly to raise borrowing costs.
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(Bloomberg) — European Central Bank Governing Council member Joachim Nagel urged a “strong” reaction to Wednesday’s inflation data when policy makers meet next week to decide on how quickly to raise borrowing costs.
“There is an urgent need for the Governing Council of the ECB to act decisively at its next meeting to combat inflation,” the Bundesbank President said in e-mailed comments. “We need a strong rise in interest rates in September. And further interest-rate steps are to be expected in the following months.”
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Euro-area inflation inflation accelerated to a record 9.1% in August, beating economists’ estimates. A measure stripping out food and energy, which are impacted by the war in Ukraine, also reached a new high.
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