The European Central Bank has raised interest rates for the 5th time in a row, sticking to its inflation fight

• The European Central Bank hiked its deposit rate by 50 basis points Thursday as it keeps battling inflation.
• Policymakers plan to make the same-size hike at the next monetary policy meeting in March.
• The ECB is battling soaring inflation in Europe driven in part by Russia's war in Ukraine.

The European Central Bank raised interest rates by another 50 basis points Thursday as it pushes ahead with efforts to cool inflation without crushing the eurozone economy.

The ECB's governing council hiked its main deposit rate by 50 basis points, or 0.5 percentage points, taking it to 2.5%. It signaled that it plans to bring in a similarly-sized increase at its next meeting in March.