European central bankers increase rates

Albuquerque News.Net
Friday 4th July, 2008

The European Central Bank has raised interest rates by one quarter of a percent, from 4.00 to 4.25 percent.

The increase had been widely expected ever since the euro hit an inflation record of 4.00 percent last month, with the bank's president, Jean-Claude Trichet, saying the increase is an attempt to combat inflation in the Eurozone countries.

Financial analysts are expecting another increase of a quarter of a percent before the end of the year.

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