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European Central Bank raises benchmark rate to 2.5%

The move targets inflation pressures that have been amplified by the war in the Middle East, according to the New York Times.

Reported · Written up by our desk · Central Banks

The European Central Bank raised its benchmark interest rate to 2.5 percent in an effort to curb inflation, the New York Times reports.

The outlet said the central bank is confronting price pressures spurred by the war in the Middle East, and the hike is part of its broader bid to quell those costs.

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