Eurozone raises interest rates for first time in 11 years

The European Central Bank (ECB) has raised interest rates for the first time in more than 11 years as it tries to control soaring eurozone inflation.

The ECB raised its key interest rate by 0.5 percentage points to 0.0% on Thursday, and plans further increases later in the year.

The rate has been negative since 2014 to encourage banks to lend rather than deposit money with the ECB.

Consumer prices rose at a record rate of 8.6% in the 12 months to June.

That is well above the bank's 2% target.

Some central banks, including the Bank of England, have been raising rates as price rises accelerate.

Soaring energy, fuel and food costs are pushing up inflation, putting pressure on struggling families.