European Central Bank confirmed to Raise interest Rates in July

The European Central Bank confirmed it will raise rates in July.

  • Key interest rates will go up by 25 basis points – the first rate hike in 11 years! 

A bigger rate hike should be expected in September if inflation doesn’t cool.

Speaking of…

#1. Inflation: Eurozone inflation hit an all-time high of 8.1% last month. The war in Ukraine accelerated global inflation and put pressure on the EU to find alternatives to Russian gas.

#2. Oil and gas: The cost of filling up the average family car in the U.K. passed €100 ($125) for the first time ever. Average U.K. gas prices are around $8.60 per gallon!

  • The cost of unleaded petrol is now 37% more expensive in the U.K. than a year ago. Diesel is 38% more expensive.

BONUS. Electric cars: In a look to the future, European lawmakers voted to ban the sale of new diesel and gas cars in the EU starting in 2035.

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