Bank surprises markets with 0.5 percentage point hike as inflation reaches 8.6% in eurozone
The European Central Bank (ECB) has raised interest rates for the first time since 2011 to tackle eurozone inflation that increased to 8.6% last month.
In a surprise move the ECB pushed its base rate up by 0.5 percentage points, after economists had expected a smaller 0.25 point hike.
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