ECB raises rates again as Middle East oil shock pushes inflation higher

The European Central Bank raised its deposit rate a quarter point to 2.5% on Thursday, its second hike since June, after euro area inflation hit 3.3% in August on energy costs pushed up by the Middle East war, with Brent crude above $100 a barrel. Core inflation, excluding energy, held at 2.4%, and the ECB said the conflict "continues to generate inflation pressures" that are likely to persist.

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