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ECB's Orphanides Warns of Oil Prices Pushing Inflation |
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European Economy |
Written by CEP News |
Jul 04 08 14:22 GMT |
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(CEP News)- Speaking to journalists Friday, European Central Bank Governing Council member Athanasios Orphanides said that oil and food prices are aggravating inflation pressures.
"Yesterday's decision of the European Central Bank to increase its basic interest rate by 25 basis points was to prevent a broad manifestation of second round effects and deal with risks to price stability in the medium term," Orpahnides said. Orphanides said the ECB's primary goal is price stability and that Cyprian inflation pressures would be eased by the rate hike. By Steve Stecyk,
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