The topic of conversation here is how the European Central Bank increased rates by 0.5 percentage points, which may also be stated as 50 basis points as a percentage point is 1/100th of a basis point. The European Central Bank did not raise any of its rates by 0.5 percent. The previous commenter, among others, merely mixed up percent (%) and percentage point (pp), is all. It's a common mistake, editorialized headline included.