By Tuba Ongun
The European Central Bank on Thursday raised its three key policy interest rates by 25 basis points to fight persistent inflation.
Despite its downward trend, the inflation is expected to remain "too high for too long," the bank said in a statement.
According to flash estimates released by Eurostat, the euro area's annual consumer inflation rate was stable at 5.3% in August, still above the bank's 2% medium-term target.
The rate on the main refinancing operations will be increased to 4.50%, effective from Sept. 20.
The deposit facility rate will be at 4% and the marginal lending facility rate will be at 4.75%.