Czech central bank raises key rate to 5% to tame inflation

PRAGUE (AP) — The Czech Republic’s central bank has again raised its key interest rate in an effort to tackle soaring inflation. Thursday’s hike of half a point to 5% was the seventh straight increase since June, and analysts had expected it. The bank, which considers high consumer prices a major threat, also had indicated it would raise the rate. It is now at the highest rate since 2001. Fed by high energy prices, inflation jumped to 11.1% in February. That’s well above the bank’s 2% target.