The European Central Bank (ECB) has raised interest rates to 4.25% to keep inflation under control.
The rate rise is the first time the ECB has acted in over a year, while other central banks have made considerable changes over the same period.
Inflation in the Eurozone countries hit 4% over the last twelve months, the highest rate ever recorded.
Rising food and fuel costs are a major contributor to high inflation in Europe, as in much of the rest of the world, but the rate change is likely to push oil prices higher, which have already risen over $146 a barrel earlier today.
The ECB says it is prepared to hike rates even further if oil and food prices continue to rise.
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