ECB Raises Eurozone Interest Rate By 0.5%

15th December 2022

The European Central Bank has raised its main interest rate to 2.5% as it seeks to slow inflation in the eurozone. The US Federal Reserve, Bank of England and others all made similar moves this week.

Switzerland's central bank opted for a similar 0.5% point rise on Thursday, albeit to a level of just 1%. Inflation has started slowing in Switzerland, and is lower than in many comparable economies, but still stood at 3% in November year-on-year.

Norway meanwhile did a smaller 0.25% point increase on Thursday.

On Wednesday, the Federal Reserve introduced a base interest rate to stand at between 4.25% and 4.5%.