21.7 C
Brunei
Sunday, December 4, 2022
21.7 C
Brunei
Sunday, December 4, 2022
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    Sweden interest hikes rate to highest level in over 10 years

    STOCKHOLM (AFP) – Sweden’s central bank announced yesterday yet another large interest rate hike to combat inflation nearing 10 per cent, bringing its key rate to its highest level in more than 10 years.

    The Riksbank raised its policy rate by 0.75 points to 2.50 per cent and warned that more increases were to come.

    “Inflation is still far too high,” the bank said, adding that it was undermining the purchasing power of households and making it more difficult for them and businesses to plan their finances.

    “The forecast shows that the policy rate will probably be raised further at the beginning of next year and then be just below three per cent,” it said.

    It noted however that it is “still difficult to assess how inflation will develop”.

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