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European Central Bank raises rates by a quarter percentage point, says inflation set to remain ‘too high for too long’

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The European Central Bank announced a new rate decision Thursday.

Daniel Roland | AFP | Getty Images

The European Central Bank on Thursday announced a new rate increase of a quarter percentage point, bringing its main rate to 3.75%.

The latest move completes a full year of consecutive rate hikes in the euro zone, after the ECB embarked on its journey to tackle high inflation last July.

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