The European Central Bank (ECB) has raised interest rates for the 10th time in a row.

The move came as it pressed forward in its fight against stubbornly high inflation that has been plaguing consumers even as worries grow that higher borrowing costs could help push the economy into recession.

The increase of a quarter-percentage point comes as central banks around the world, including the US Federal Reserve, try to judge how much anti-inflation medicine is too much – and what is the right point to halt their swift series of rate rises before the economy tips into a downturn and people lose their jobs.

The decision raises the ECB’s benchmark deposit rate to 4%, up drastically from minus 0.5% just a little more than a year ago and the highest since the euro was established in 1999.