ECB raises interest rates across eurozone by record margin

European Central Bank sets aside recession fears to increase rates by 0.75 of a percentage point to 1.25%

The European Central Bank has raised interest rates across the eurozone by a record margin to combat soaring inflation that has reached double figures in some of the currency bloc's 19 member countries.

Setting aside concerns that higher rates would add to the current squeeze on consumers' disposable incomes and increase the depth of a looming recession, the central bank's 25-member governing council raised its key benchmarks by an unprecedented 0.75 of a percentage point to 1.25%.