Inflation forces Czech central bank to again raise key rate

PRAGUE (AP) — The Czech Republic’s central bank has again raised its key interest rate, to the highest level in 23 years, to continue its fight against soaring inflation. Thursday’s hike of three-quarters of a point to 5.75% is the eighth straight increase since June. The bank, which considers high consumer prices a major threat, had indicated it would raise the rate. It is now at its highest level since 1999. It is expected inflation still might increase further at least until June amid Russia’s invasion of Ukraine. Fed by high energy prices, inflation jumped to 12.7% in March, well above the bank’s 2% target.