European Central Bank Governing Council member Kazaks stated that the ECB cannot allow consumer prices to continue rising. He said, "We must not let inflation become entrenched. One way to curb the spread of inflation is to raise interest rates. We have already done this once." Markets expect the ECB to raise rates at its September meeting. The ECB raised rates in June, but held steady in July. New economic forecasts will be released at that time to provide a basis for the rate decision, while

European Central Bank Governing Council member Kazaks stated that the ECB cannot allow consumer prices to continue rising. He said: "We cannot let inflation become entrenched. One way to curb inflation from spreading is by raising interest rates. We have already done this once." The market expects the ECB to raise interest rates at its September meeting. The ECB raised rates in June but remained on hold in July. New economic forecasts will be released then to provide a basis for interest rate decisions, while the ongoing Middle East war is prompting the ECB to reconsider rate hikes. "We will wait and see what happens next month," Kazaks said, "but for now, I think the likelihood of a rate hike is quite high."