This photo taken on Sept. 27, 2022 shows Sweden's central bank Riksbank in Stockholm, Sweden. Sweden's central bank (Riksbank) announced on Thursday a 75-percentage-point key rate hike to 2.5 percent -- the highest in 14 years. (Xinhua/Fu Yiming) STOCKHOLM, Nov. 24 (Xinhua) -- Sweden's central bank (Riksbank) announced on Thursday a 75-percentage-point key rate hike to 2.5 percent -- the highest in 14 years. The Riksbank said the rate hike, which will go into effect on Nov. 30, was necessary as the country's 12-month consumer price index (CPI) hit 10.9 percent in October. "Disregarding energy prices, inflation has been unexpectedly high, which indicates that inflationary pressures are somewhat higher than expected," the Riksbank said in a press release, "it is very important that monetary policy acts to ensure inflation falls back and stabilizes around the target of 2 percent within a reasonable time." This is the fourth rate hike since May this year, and the Riksbank also said that further hikes were likely. "The policy rate is expected to be raised further at the beginning of next year to then be just under 3 percent," it said. In its Monetary Policy Report, the Riksbank also said that the country's gross domestic product (GDP) is expected to shrink by 1.2 percent in 2023 before starting to slowly increase again in 2024. ■ This photo taken on Sept. 27, 2022 shows the logo of Sweden's central bank Riksbank in Stockholm, Sweden. Sweden's central bank (Riksbank) announced on Thursday a 75-percentage-point key rate hike to 2.5 percent -- the highest in 14 years. (Xinhua/Fu Yiming) |
Rangers' reliever Burke breaks his nonRussia says Moscow terror attack suspects planned to flee to Kiev for rewardNick Lodolo stars in return as the Reds beat the lightTwins use a sevenIndia's top court refuses to hold appointment of election commissionersVarsho hits 2nd career slam, Rodríguez fans 6 in debut as Blue Jays beat Rockies 5Indian gov't steps in as Vistara airline cancels, delays flightsMexican president accuses U.S., Canada of ambiguous stance on EcuadorPitt modernized its offense over the winter. The growing pains will be felt for a whileInfographic: Xizang witnesses astounding development 72 years after peaceful liberation