FRANKFURT (Reuters) -The European Central Bank may need to raise interest rates as soon as July to stop “extremely high” inflation from getting entrenched, ECB board member Isabel Schnabel told German newspaper Handelsblatt on Tuesday. Inflation hit a record high 7.5% last month, nearly four times the ECB’s target, and even underlying price growth, which filters out volatile energy and food prices, is now approaching 4%, suggesting that high price growth could linger even if oil prices retreat. “Talking is no longer enough, we need to act,” Handelsblatt quoted Schnabel as saying. “From today’s…