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The Guardian - UK
The Guardian - UK
Business
Phillip Inman

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

Euro ECB Interest Rates Inflation eurozone Bank of England
European Central Bank building
The ECB building in Frankfurt. The central bank has increased its rate by 0.5 percentage points in an effort to contain inflation. Photograph: Wolfgang Rattay/Reuters

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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