The European Central Bank has raised interest rates by 75 basis points to tackle record inflation, despite fears that the eurozone is already heading into recession because of soaring energy prices.
The move, which matches the ECB’s previous biggest increase in borrowing costs, lifts the bank’s benchmark deposit rate from zero to 0.75 per cent — the highest level since 2011.
Christine Lagarde, the ECB’s president, said that, while moves on this scale were not “the norm”, today’s rise would be followed by further increases in the coming months to bring inflation, now at a high of 9.1 per cent, under control.
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