The European Central Bank as expected left its key interest rate unchanged on Thursday, taking more time to gauge the effect of soaring oil prices on the inflationary outlook and slow economic recovery. As oil hit new records above $52 a barrel, fresh economic data show the shine already is coming off growth. In August the euro zone jobless rate edged up and retail sales and German export orders fell, while indices tracking the manufacturing and service sectors slipped in September. Accordingly, the ECB Governing Council decided to leave its official interest rate at a record low of 2 percent for the 16th month in a row. Separately, the Bank of England also held its benchmark rate at 4.75 percent. ECB President Jean-Claude Trichet holds a news conference at 1230 GMT in Brussels to explain the council's decision. The Frankfurt-based ECB holds two of its policy sessions a year in capitals of the 12-nation euro zone. Economists said they expect the ECB to soften slightly its tough anti-inflation rhetoric and signal a greater willingness to delay any rate tightening until well into 2005. This would give growth more time to gain a stronger foothold. So long as the 60 percent jump in crude oil costs this year shows no sign of spilling over into general prices, the ECB can afford to wait on rates, they said. The ECB forecasts that consumer inflation will fall below its 2 percent tolerance level next year and that the oil shock will prove a one-off hit.|||