Sweden’s central bank hikes key interest rate by full point

COPENHAGEN, Denmark (AP) — Sweden’s central bank has raised its key interest rate by a huge full percentage point to combat the highest inflation in more than 30 years. The move Tuesday is the first of a series of large hikes expected from central banks worldwide this week. Riksbanken says inflation has risen rapidly to 9% in August, “undermining households’ purchasing power.” The bank has raised its policy rate to 1.75% and said it will keep tightening over the next six months as it tries to bring inflation back to its target of 2%. In making the big hike, it pointed to other central banks rapidly raising rates as consumer prices soar.