What were the new ECB key interest rates set in September, and how do they compare to the previous levels?

The ECB raised its deposit facility rate to 2.50%, the marginal lending rate to 2.90%, and the refinancing rate to 2.65% in September — each an increase of 25 basis points. This follows a prior 25-basis-point hike in June, marking the first rate increases since 2023.

Why did the ECB raise interest rates again in September despite earlier signs of easing inflation?

The ECB raised rates again because inflation rose to 3.3% in August from 2.9% in July — driven primarily by energy prices — and remained well above its 2% medium-term target; this reversal followed the collapse of diplomatic progress between the US and Iran, renewed threats of military action, and Brent crude prices climbing back above $100/bbl, reigniting inflationary pressures.

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