Eurozone interest rates return to all-time high

The interest rate in the 20 Eurozone countries has been returned to the highest ever level.

Not since October 2000 have rates been at this all time high in the countries using the euro.

On Thursday, the European Central Bank (ECB) increased its benchmark rate to 3.75%, up 0.25 percentage points, making borrowing more expensive as inflation stood at 5.5% in the year up to June.

It was the ninth consecutive rise as the ECB president will remain above target for an extended period but will eventually come down.

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