European Central Bank Raises Interest Rates for First Time Since 2023 Amid Rising Energy Costs Due to Iran War
The European Central Bank (ECB) raised its key interest rate by 25 basis points to 2.25% in response to inflationary pressures stemming from the ongoing Iran war, marking its first rate hike since 2023. This decision reflects the ECB's efforts to combat rising inflation while navigating a challenging economic outlook.