The European Central Bank has made its first attempt to control inflation through increasing the key interest rates by 0.5%.
This is the first time the rates were increased since 2011. Rates in the EU have been negative since 2014.
The new rates will become effective from July 27. This new move comes at the right time to tackle the surging prices of basic commodities in the EU region.
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Inflation in the EU increased to 9.6 percent in June. Inflation hit 8.6% for the countries that use the Euro.
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