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Despite the turbulence, the ECB raised its key interest rate by 0.50 percentage points last week. In view of the current high level of uncertainty, the central bank has not committed itself to the future. Lagarde made it clear that monetary authorities will be guided by economic data. “If the baseline of our latest projections is confirmed, there is still work to be done to ensure that we have removed inflationary pressures,” the ECB President said. According to the ECB, core inflation in particular – inflation without sharply fluctuating energy and food prices – remains high.