US makes biggest interest rate rise in 22 years

The US central bank has announced its biggest interest rate increase in more than two decades as it toughens its fight against fast rising prices.

The Federal Reserve said it was raising its benchmark interest rate by half a percentage point, following a smaller increase in March.

With US inflation at a four-decade high, further hikes are expected.

The push marks the latest effort to contain spiking costs being felt by households around the world.

India's central bank on Wednesday announced a surprise increase to its benchmark rate, while Australia's central bank recently enacted its first interest rate hike in more than a decade.

The Bank of England is also widely expected to raise rates on Thursday, which would be the fourth increase since December.