The European Central Bank has raised interest rates by a quarter of a percentage point, as the central bank’s president warned that the fight against inflation was not yet over, the Financial Times writes. 

The paper says the president of the Bank, Christine Lagarde, has signalled the rate rise will not be the last such move this year, though adds that “with price pressures down from their peak and a credit crunch looming, many economists think the rate-tightening cycle is nearing its end”.