The European Central Bank’s (ECB) governing council meets today in Frankfurt, amid expectations that interest rates may be raised by another 0.75%.
The ECB has already raised interest rates twice this year, by half a percentage point in July and three-quarters of a percentage point in September.
Market experts broadly expect rates to be raised by three-quarters of a percentage point today, bringing the main lending rate to 2%.
According to the most recent data, inflation in the eurozone is spreading beyond energy to other sectors of the economy.
Eurozone inflation is now at 9.9%, much over the ECB’s target rate of 2%.
In September, Ireland’s inflation rate was 8.2%.
There are about 400,000 households in Ireland with tracker and variable rate mortgages who will be particularly vulnerable to any rate hike.
Rate hikes are also on the way, as several indications point to Europe’s economy weakening.