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)
Related articles:
Related suggestion:
Tsitsipas sweeps aside Ruud to win Monte Carlo Masters for the third time, and then weepsFormer desert land transformed into oasis for relocated villagersNational health response teams capable of covering all provincial regions of ChinaChina to boost private school education with retired teachers56.4 pct of China's postgraduates hold professional degreesFormer senior Chongqing municipal legislator indicted for briberySheep breeding cooperatives boost incomes of Xizang herders10 major criminal suspects transferred back to China from MyanmarMilan draws at Sassuolo to leave Inter likely to clinch Serie A title in next round's derbyFormer senior Chongqing municipal legislator indicted for bribery
3.0708s , 6509.375 kb
Copyright © 2024 Powered by Sweden raises policy rate to 2.5 pct to curb inflation ,Culture Corner news portal