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European Central Bank raises interest rates for first time in 11 years

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The European Central Bank on Thursday raised interest rates for the first time in 11 years.

The increase of half a percentage point was higher than expected, according to The Associated Press.

Bank President Christine Lagarde said the decision was unanimous as “inflation continues to be undesirably high and is expected to remain above our target for some time.”

Read more from The Associated Press.

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