ECB raises rates by 50 bps in fight against inflation

LONDON: The European Central Bank raised interest rates by more than expected on Thursday, confirming that concerns about runaway inflation trump economic growth considerations for now.

The ECB raised its benchmark deposit rate by 50 basis points to 0%, breaking its own earlier guidance for a 25 bps move as it joined global peers in jacking up borrowing costs. It was the central bank's first rate hike for 11 years.