ECB's Emmanuel Moulin warns $124 Brent crude is pushing euro area inflation toward 3%, triggering the first rate hike since 2023 from 2% to 2.25%.

The ECB is expected to raise rates by 25 basis points as higher energy prices drive inflation and raise concerns about broader price pressures.

The European Central Bank has been moving to rein in inflation after a long pause on rate changes. The policy shift is aimed at tamping down prices while raising fresh concerns…