European Central Bank forecasts 3% inflation and economic growth of almost 1% for this year

The European Central Bank forecasts 3% inflation and economic growth of almost 1% for this year. The institution took the decision to raise interest rates as a measure to combat rising prices. This rise in prices is associated with the Middle East crisis, which has impacted the European economy. The ECB thus justifies its restrictive monetary policy as a response to current inflationary pressures.