Article 61N3N European Central Bank raises interest rates for first time in 11 years

European Central Bank raises interest rates for first time in 11 years

by
Phillip Inman
from on (#61N3N)

Bank surprises markets with 0.5 percentage point rise as inflation reaches 8.6% in eurozone

The European Central Bank (ECB) has raised interest rates for the first time since 2011 to tackle eurozone inflation that increased to 8.6% last month.

In a surprise move, the ECB pushed its base rate up by 0.5 percentage points, after economists had expected a smaller 0.25 point rise.

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