The European Central Bank left its three key policy rates unchanged.

After a monetary policy meeting in Frankfurt on October 29, the ECB kept the deposit rate, its benchmark policy rate, at 2.50%. It also left the main refinancing rate unchanged at 2.65% and the marginal lending rate at 2.90%.

That kept the gap between the ECB’s deposit rate and South Korea’s benchmark rate of 3.00% at 0.50 percentage point. The spread with the U.S. policy rate of 3.75% to 4.00% stood at 1.25 to 1.50 percentage points.

The ECB had previously raised policy rates twice this year, in June and September, by 0.25 percentage point each time.

In a statement, the ECB said “the full impact of the energy shock continues to unfold,” adding that underlying inflation has remained broadly stable and wages have not shown a clear response at this stage.

It also said prices could rise while growth slows if the energy shock becomes larger and more prolonged, taking into account indirect and second-round effects. The statement did not rule out additional rate increases.