Frankfurt - The European Central Bank (ECB) delivered its first rate hike in about a year Thursday amid growing fears about spiralling inflation and surging oil prices.

The ECB's 21-member rate-setting council defied increasing political opposition to a tighter monetary policy in the 15-member eurozone by raising its benchmark refinancing rate by 25 basis points to 4.25 per cent.

The move was line in with analysts' forecasts. (dpa)