The European Central Bank (ECB) has raised interest rates for the first time in more than 11 years as it tries to control soaring eurozone inflation.

The ECB increased its key interest rate by 0.5 percentage points to 0.0% and plans further hikes this year.

The rate has been negative since 2014 in a bid to boost the region’s economy after years of weak growth.

But consumer prices rose at a record 8.6% in the 12 months to June as food, fuel, and energy costs soared.

That is well above the bank’s 2% target.

It comes after the Bank of England and the US Federal Reserve also put up their rates to try and rein in rising prices.

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Edited by Jesus Chan

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