The rising costs of fuel, food and of the inflation rate in the Eurozone economies may force the European Central Bank (ECB) to raise interest rates next month.

Having announced no change in the base european rate of 4.0%, ECB President Jean-Claude Trichet said that a rise was possible and that some members of the ECB favoured an increase.

At a press conference, Mr Trichet said that the bank could decide to move rates a small amount to anchor inflation, but added that it is not certain this will happen only that it is possible.