The European Central Bank raised its key interest rates for the first time in over a decade. The move is aimed to combat inflation as consumer prices in the eurozone rose at an 8.6% annual pace in June.

The ECB raised its negative benchmark deposit rate by 50 basis points from minus 0.5% to 0%, lifting the bank's deposit facility out of negative territory for the first time in eight years. The announcement came as a surprise as the bank had initially hinted that it would hike the rate by 25 basis points only.

Subscribe: https://www.youtube.com/user/deutschewelleenglish?sub_confirmation=1

For more news go to: http://www.dw.com/en/
Follow DW on social media:
►Facebook: https://www.facebook.com/deutschewellenews/
►Twitter: https://twitter.com/dwnews
►Instagram: https://www.instagram.com/dwnews
Für Videos in deutscher Sprache besuchen Sie: https://www.youtube.com/dwdeutsch

#ECB #Euro #inflation