ECB raises rate to 4.25%
The European Central Bank (ECB) has raised interest rates for the eurozone for the first time in a year.
The central bank hiked rates by 25 basis points to 4.25% after data released earlier this week showed that inflation across the eurozone had accelerated to 4% in the year to June - the highest rate since official records began in 1996.
Jean-Claude Trichet, the president of the ECB, had signalled his intention to increase rates over the last few weeks - most recently when he told Die Zeit, a
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