The central bank just raised interest rates. Here's what that means for your wallet.

Originally reported as: “Central bank hikes benchmark rate 50 basis points to curb inflation”

The country's central bank raised its benchmark interest rate again this week, its latest move in an ongoing effort to slow down rising prices. A higher benchmark rate tends to push up the cost of loans, credit cards, and mortgages across the economy. The bank said it will keep watching inflation data closely before deciding on its next move. For everyday people, this decision touches everything from car loan payments to how much a savings account earns.