The European Central Bank is expected to raise interest rates for the first time in 10 years.

According to economists European Central Bank will end asset purchases in the summer and raise interest rates for the first time in December. Many ECB officials have recently expressed their views that asset purchases will end in the summer and interest rates will rise until the end of the year. However, the ECB is not expected to make any changes in its policy at its meeting next week.

With the invasion of Russia, regional inflation has risen to nearly four times the bank’s 2 percent target. Concerns that the inflation, which is around 7.5 percent, will accelerate towards the middle of the year.

ECB is expected to increase interest rates by 50 basis points. Similarly, Deutsche Bank stated that a 50 basis point rate hike is possible.