FRANKFURT—The European Central Bank kept its key interest rates on hold and said it would continue buying eurozone debt on a large scale through much of the year, diverging from other major central banks like the Federal Reserve that are moving quickly to phase out easy money amid a surge in inflation.
Annual inflation in the eurozone rose to a record of 5.1% in January, more than double the ECB’s target, increasing the pressure on the central bank to ditch its plans to keep rates on hold throughout the year.
