Prague, The Czech Republic’s central bank today raised its key interest rate significantly as it tried to combat soaring inflation.

The hike of a percentage point and a quarter brought the interest rate to 7.00%, the highest level since early 1999. It was the ninth straight increase since June 2021. The bank last raised the rate, by three-quarters of a point, on May 5.

Today’s increase was not unexpected. The Czech National Bank considers high consumer prices to be a major threat and had indicated it would raise the rate again.

Source: Oman News Agency