The European Central Bank (ECB) has increased its key interest rate by 0.5 percentage points, to 0.0 percent, for the first time in more than 11 years as it tries to control soaring eurozone inflation. The rate has been negative since 2014 to boost the region’s economy. However, inflation rose at a record 8.6 percent in a year, which is well above the bank’s two-percent target.
