The European Central Bank has opted to lift interest rates by half a percentage point, according to ECB President Christine Lagarde. The rate represents a smaller hike than previously as the ECB has been lifting borrowing rates at an unprecedented pace in recent months to bring down record-high consumer prices after Russia's war in Ukraine sent energy and food costs surging, but Lagarde warns that "based on the substantial upward revision to the inflation outlook, we expect to raise them further." SOUNDBITE

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