The European Central Bank and the Bank of England indicated on Thursday that they were poised to raise interest rates this year to combat inflation.

The European Central Bank left its benchmark rate at 4 percent, a six-year high. Its president, Jean-Claude Trichet, indicated at a news conference afterward that the bank was considering a future increase. "Looking ahead, acting in a firm and timely manner to ensure price stability in the medium run remains warranted," he said, according to Bloomberg News.

The Bank of England raised its benchmark rate to 5.75 percent, its fifth increase since last August. The bank said in a statement explaining the increase that "the balance of risks to the outlook for inflation in the medium term continued to lie to the upside."

With the global economic expansion continuing and commodity prices rising, a number of central banks have been raising rates to try to keep inflation from accelerating.