The European Central Bank (ECB) has announced a 25 basis point increase in its key interest rates. This decision, revealed earlier today, signifies the first interest rate adjustment made by the ECB since 2008.

The move comes as the ECB grapples with escalating inflationary pressures across the Eurozone. Policymakers aim to curb rising prices and stabilize the economy through this monetary tightening measure.

Key highlights of the announcement include:

• The main refinancing operations rate will increase to 0.25%.
• The marginal lending facility rate will rise to 0.50%.
• The deposit facility rate will be set at 0.00%.

ECB President Christine Lagarde stated that further rate hikes would be data-dependent and implemented gradually. The central bank will continue to monitor economic developments closely to determine the appropriate course of action.

This decision reflects a broader trend among central banks globally, as many are taking steps to combat inflation. The impact of the ECB’s rate hike on economic growth and financial markets remains to be seen.