Swedish central bank hikes rate 0.5 points to 3.5%

Sweden’s Riksbank on Wednesday hiked its guiding interest rate by a half-point to 3.5 percent as the central bank tries to rein in double digit inflation, AFP reported.

Inflation, which came in at 10.6 percent in March, “is still far too high and underlying inflation has been much higher than expected during the first months of the year,” the bank said, adding it would likely raise the rate again in June or September.