Eurozone interest rates must continue to rise, says European Central Bank

Sunflowers bloom in front of the European Central Bank headquarters in Frankfurt, Germany. Photograph: Ronald Wittek/EPA

Interest rates across the eurozone must continue to ratchet upwards to tackle rapidly rising inflation, European Central Bank policymakers said.

The ECB’s call to prioritise the fight against inflation with further increases in the cost of borrowing came after it raised rates by an unprecedented 0.75 percentage points on Thursday to 1.25%.