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Central BanksMediumUpdated•Originally published 3 November 2026•Updated 3 November 2026•
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Bundesbank's Nagel Backs December ECB Rate Hike

Key Facts

1Bundesbank President Joachim Nagel stated that another ECB rate hike in December seems almost inevitable.
2Nagel joined a growing list of policymakers backing the move, which would mark the third hike this year.

Bundesbank President Joachim Nagel stated that another ECB rate hike in December seems almost inevitable. Reuters reported that Nagel joined a growing list of policymakers backing the move, which would mark the third interest rate increase this year.

The hawkish signal follows economic data showing Germany's annual inflation rate fell to 2.8% on October 30, 2026, down from 3.3% in the previous period. Meanwhile, Eurozone GDP growth was recorded at 0.4% quarter-on-quarter on October 30, 2026, exceeding the prior forecast of 0.2%.

The ECB is scheduled to release Consumer Price Index data on November 4, 2026, with annual inflation forecasted at 4%. Nagel is also expected to deliver another speech on November 5, 2026, followed by a scheduled appearance by ECB President Christine Lagarde later that day.

Latest Updates · 1

  1. Notable·

    Update: Joachim Nagel warned that inflationary pressures in September were higher than previously anticipated. The Bundesbank President emphasized the necessity of preventing energy price spikes from transitioning into broad-based inflation across the economy.