The European Central Bank on Thursday joined the 75-point club, raising its three policy rates by 0.75 percentage point each. That makes a 1.25 point increase since the ECB’s belated liftoff in July and comes amid growing European recessions fears.

ECB President Christine Lagarde had little choice, with eurozone inflation hitting 9.1% in August. What started as a run-up in prices for energy and some food items has broadened into higher prices for everything and shows little sign of going away.