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Eurozone interest rates raised slightly after two year low

Eurozone interest rates have been raised from the record low of 1% by the European Central Bank (ECB).

Interest rates had been held at 1% for just under two years following the financial crisis and global recession.

The ECB has now set interest rates to 1.25%.

The European Commission recently upgraded its inflation forecast for the eurozone to 2.2%, above the ECB target.

However, there are worries that the rate rise will cause more problems for the eurozone’s weaker economies, such as Portugal.

On Wednesday, Portugal asked for financial assistance from the European Union.

The rise in eurozone interest rates had been widely expected by markets and could mark the start of a series of rate rises by the ECB.

The bank also raised another reference rate – the marginal lending rate – to 2.% and its overnight deposit rate to 0.5%.

Analysts said the European Central Bank was concerned about the impact of rising oil and commodity prices on inflation.

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