The European Central Bank raises rates for the first time in 11 years
CNN
In a bold attempt to get inflation under control, the European Central Bank on Thursday announced it would hike its key interest rate by a half percentage point.
That marks the first time since 2011 that the ECB has raised rates, and takes Europe's main rate back to zero. Rates in the region have been negative since 2014.
The move, which takes effect on July 27, comes as Europe battles record inflation fed by surging energy prices. Annual inflation in the European Union jumped to 9.6% in June. It reached 8.6% for the 19 countries that use the euro.
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