Sweden sets sharpest rate hike since 2000

Sweden's central bank announced Thursday its steepest interest rate hike since 2000 to combat inflation, as monetary policymakers worldwide scramble to tame runaway prices.

After lifting the rate from zero to 0.25 per cent in May, the Riksbank said it was raising it by 50 basis points to 0.75 per cent this time as prices  "have been rising considerably faster than expected since the start of the year".