Czech central bank again increases key interest rate

PRAGUE (AP) — The Czech Republic’s central bank has again increased its key interest rate in a continuing effort to tame soaring inflation. The 1 percentage point hike Wednesday to 3.75% is the fifth straight increase since June and is higher than expected by analysts. The bank considers high consumer prices a major threat and had indicated it would raise the rate. Inflation jumped to 6% in November, the highest level in 13 years. Banks controlling monetary policy worldwide have started shifting their focus from stimulating the coronavirus-battered economy to combating soaring consumer prices that arrived during the recovery.