The global disturbances have been affecting many nations on multiple fronts. Prices of raw materials and basic food and fuel prices saw a spike in prices. Inflation had been at an all-time high for the European economy, and this meeting in September underlined the fact that they were looking to keep inflation within a 2% band in the medium term. Keeping this in context, the central bank announced a rate hike of 25 basis points in its three interest rates.