AMSTERDAM — The European Central Bank will raise interest rates next month for the first time in 11 years and add another hike in September, catching up with other central banks worldwide as they pivot from supporting the economy during the COVID-19 pandemic to squelching soaring inflation.

The surprise move Thursday marks a turning point after years of extremely low interest rates but faces risks from weakening prospects for economic growth. Russia’s war in Ukraine has sent shock waves through the global economy, particularly as energy prices have soared and clobbered Europe.

The ECB will end its bond purchases and then raise rates by a quarter-point from zero for the lending rate to banks and minus 0.5% on overnight deposits from banks.