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The European Central Bank (ECB) has raised interest rates for the first time in more than 11 years as it tries to control soaring eurozone inflation, BBC reported.

The ECB increased its key interest rate by 0.5 percentage points to 0.0% and plans further hikes this year.

The rate has been negative since 2014 in a bid to boost the region's economy after years of weak growth.

But consumer prices rose at a record 8.6% in the 12 months to June as food, fuel and energy costs soared.

That is well above the bank's 2% target.

Inflation is the pace at which prices are rising. For example, if a bottle of milk costs €1 and that rises by 5 cents compared with a year earlier, then milk inflation is 5%.

The Ukraine war and Covid supply chain issues have driven up everyday costs across the eurozone, putting pressure on households.

The bloc is vulnerable because it relies heavily on Russia for its oil and gas. This week it urged member states to begin rationing supplies amid fears Moscow will halt gas deliveries this year, causing further price spikes, according to BBC.

Explaining its decision to raise rates in July, ECB president Christine Lagarde said: "Economic activity [in the eurozone] is slowing. Russia's unjustified aggression towards Ukraine is an ongoing drag on growth.

"We expect inflation to remain undesirably high for some time owing to continued pressure from energy and food prices and pipeline pressures in the pricing chain," she added. 

The bank says further rate hikes "will be appropriate" and that it will take a "meeting-by-meeting" approach to raising rates.

It comes after the Bank of England and the US Federal Reserve put up their rates to try and rein in rising prices. 

The idea is that by making it more expensive to borrow, people will spend less, bringing down demand and therefore prices. 

However, there are also concerns that higher rates could push countries into recession - which is defined as two successive quarters of economic decline, BBC reported.

These fears helped push the euro to a 20-year low against the dollar in recent weeks.

The ECB began cutting interest rates after the 2008 financial crisis to stimulate growth, and took them as low as -0.5% during the pandemic.

However, earlier this year it signalled it planned to increase them again, although economists had only expected an increase of 0.25 percentage points in July, according to BBC.

Nepal reported 435 new Covid-19 cases on Thursday.

According to the Ministry of Health and Population, 1, 667 swab samples were tested in the RT-PCR method, of which 317 returned positive. Likewise, 1, 092 people underwent antigen tests, of which 18 were tested positive.

The Ministry said that no one died of the virus in the last 24 hours. 

As of today, there are 2, 537 active cases in the country.

Transport service has come to a halt on the Melamchi-Helambu road section when the rain-triggered flood since last night took away its parts in several places. 

Balsit Khadka, a local, said the flood has devastated the road that was reconstructed following the massive flood at Chanaute, Helambu last year. 

Shyammani Chalise, a local of Melamchi, said the road traffic was also disrupted at Dhungebazar of Helambu and Simkhel in Melamchi. 

Locals of the areas including Gyalthum of Helambu were forced to stay outside the home during last night due to incessant rain. 

Downpour was reported in and around Nakote near the Melamchi Rivulet in Sindhupalchowk district last night. 

Local Administration has urged local dwellers to stay alert in view of possible landslides on the banks of Melamchi and steep land with the rise in water level. 

Thirty-nine various human rights organizations have called for rectifying the 'lapses' in the Bill for the Amendment of the Commission of the Investigation on Enforced Disappeared Persons, Truth and Reconciliation Commission Act, 2071 (2014) that the Government of Nepal registered in the parliament on 15 July 2022. 

These human rights organizations have also expressed full solidarity with the 'valid and serious concerns' expressed by the victims’ community on the Bill.

"We believe that despite positive provisions including reparations, the amendment Bill contains many provisions that violate the victim’s right to an effective remedy. Amnesty to those involved in serious violations of human rights and international crimes including murder, torture, rape, and other forms of serious sexual violence, war crimes, and crimes against humanity is not acceptable under national and international law. 

Thus, the categorization of violations in the Bill is not acceptable. Earnest effort is required from the Government and the political parties to prevent explicit or implicit immunity from criminal accountability for those involved in serious violations of human rights and intentional crimes," the 39 human rights organizations said in a joint press release.

They called on the Ministry to re-work on the Bill to ensure that the Bill complies with national, international law and the decisions of the Supreme Court of Nepal, and the aspirations expressed by victims during the consultations the sovereign institution of the people's representatives. Similarly, the Federal Parliament is urged not to pass the Bill as the law without ensuring that the Bill does not violate national and international law and aspiration of victims while the political parties of Nepal have been urged to play constructive roles helping parliament to pass the law following inclusive process while the UN and Nepal’s international development partners are urged not to legitimatize and support any process that undermines international law and further impunity in Nepal.

Among the 39 organizations issuing the joint press release include the Accountability Watch Committee (AWC), Advocacy Forum Nepal, Alliance for Social Dialogue, Amnesty International Nepal,  Blue Diamond Society- Nepal,  Centre for Legal Studies, Civil Rights Association Nepal, Collective Campaign for Peace, Conflict Victim Women National Network (CVWNN), Conflict Victims’ Common Platform (CVCP), Conflict Victims’ National Alliance (CVNA), Conflict Victims’ Society for Justice (CVSJ), Democratic Freedom and Human Rights Institute (DFHRI), Discharged People’s Liberation Army Nepal (D-PLAN), Informal Sector Service Centre (INSEC), Forum for Restorative Justice, National Network of Disabled Conflict Victims, National Network of Families of Disappeared (NEFAD) and the National Network of Families of Disappeared (NEFAD).