ECB raises interest rate for first time in 11 years infographic
Graphic shows ECB interest rate changes since the last rise in July 2011, and eurozone inflation over the same period.
GN43012AR

BANKS

ECB raises interest rate for first time in 11 years

By Phil Bainbridge

July 22, 2022 - The European Central Bank is raising Eurozone interest rates for the first time in over 11 years in a bid to tackle soaring inflation and a looming energy crisis.

The interest rate has been at or below zero since 2014 but price growth in the eurozone hit a record 8.6% in the year to June, well above the bank’s target of 2%, putting pressure on the ECB to increase the rates, with another rise expected in the autumn.

Some economits have complained it is too little, too late, with the U.S. Fed and Bank of England having begun to raise their rates months ago.

Sources
PUBLISHED: 22/07/2022; STORY: Graphic News; PICTURES: Getty Images
Advertisement