Frankfurt: The European Central Bank (ECB) Thursday kept interest rates unchanged, citing growing concerns about accelerating inflation, which has strengthened expectations that it will raise interest rates several times this year. ECB policymakers voted to keep the deposit rate unchanged at two percent.

According to Qatar News Agency, this decision comes hours after the release of Eurozone inflation data for April, which showed a jump to three percent, compared to 2.6 percent in March. The ECB emphasized that the longer the war continues and energy prices remain high, the greater the potential impact on inflation and the economy as a whole, adding that it will closely monitor the situation.

ECB's decision to hold interest rates steady follows the Bank of England's decision to maintain its interest rate.