The European Central Bank has announced a record rise in eurozone interest rates as it seeks to fight inflation.

11 Sep 2022

Prices in the bloc are rising at the highest pace for half a century as energy costs soar.

The ECB lifted all its key rates by three-quarters of a percentage point and warned that it was likely to raise rates again later this year.

The bank had raised interest rates in July, its first increase in more than 11 years.

"Price pressures have continued to strengthen and broaden across the economy," the ECB said after its latest decision.

The ECB raised its key deposit rate - how much interest it pays on deposits - to 0.75% from zero, and lifted its main refinancing rate - how much banks have to pay when they borrow money from the ECB - to 1.25% from 0.5%.