Eurozone raises interest rates for first time in 11 years

The euro area's central bank raised interest rates for the first time in more than a decade as it tries to control inflation.

The key interest rate was raised on Thursday by the European Central Bank.

The rate has been negative since the beginning of the year.

In the year to June, consumer prices rose at a record rate.

The bank has a 2% target.

The Bank of England and the Federal Reserve have raised their rates as prices have gone up.

The rising cost of energy, fuel and food puts pressure on struggling families.

After the 2008 financial crisis, the European Central Bank began to cut interest rates in order to encourage growth.

The increase in July was only 0.25 percentage points, but it was already indicated that it would increase them again.

If there is a gas shortage over the winter, it could push energy prices up, further impacting the cost of living.