ECB Raises Interest Rate Amid Energy-Fueled Inflation

The European Central Bank (ECB) has raised its benchmark interest rate by a quarter percentage point to 2.50% in an effort to combat inflation fueled by high oil prices.

The decision was taken at a meeting held in Berlin, away from the bank's Frankfurt headquarters, and comes as the economy shows signs of resilience.

The ECB cited a stronger-than-expected economy that suggests businesses can weather the higher borrowing costs, which is seen as a positive sign for the region's economic health.