European Central Bank raises interest rate for the ninth time

(Patria) - The European Central Bank (ECB) raised the benchmark interest rate by another 25 basis points, to a record high, warning that consumer prices are still rising too fast, and that there are open possibilities for further increases.

The ECB's decision to raise its benchmark rate by a quarter of a percentage point to 3.75 percent matches the peak last reached in 2001 when it was trying to increase the value of the newly introduced euro.

A generally expected move, the ECB's ninth consecutive increase, followed a day after the US Federal Reserve raised rates by the same amount.

Previously, a meeting of the ECB's Governing Council was held in Frankfurt, where it was decided that the central bank would extend the already year-long tightening of the eurozone's monetary policy.

The European Central Bank has raised the benchmark interest rate for the ninth time in a row.