ECB Governing Council member Nagel: Inflation outlook is deteriorating increasingly, may have to raise rates in December.

European Central Bank Governing Council member and Bundesbank President Joachim Nagel said on November 3 that the ECB may have to raise borrowing costs next month due to the deteriorating inflation outlook. Nagel stated that even the consumer price baseline projections published by the ECB in September already presupposed further interest rate hikes, and since then the inflation situation has worsened further, with repeated surges in energy costs also increasing the risk of knock-on effects on the prices of other goods and services.