Czech Republic raises rates as inflation surges

The Czech National Bank's rate-setting board voted to raise its benchmark rate to 3.75%.

Five out of the seven-strong board supported the increase with two voting to leave rates unchanged. The decision was widely expected.

The central bank said on Thursday that headline inflation, which was now expected to hit 5.3%, was much higher this year than predicted in October. Monetary policy relevant inflation was also higher than expected at 3.4%, which is above the central bank's 3% target.

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