ECB raises interest rate by 0.5%

The European Central Bank has again raised interest rates in the eurozone by half a percentage point.

Earlier, the Bank of England also raised its interest rate from 3.5% to 4%. It had been at the highest level for 14 years.

The ECB also announced that it would raise interest rates by another 0.5% in March.

The ECB began raising interest rates in July to contain inflation, which reached 8.5% in January in the 20 countries using the euro.

That is well above the bank’s target of 2%. And while inflation in the Eurozone is slowing, it is still at levels unacceptable to central banks trying to control prices.