PRAGUE (AP) — The Czech Republic’s central bank has increased its key interest rate by a quarter-point to 0.5% in efforts to tame inflation as the economy recovers from the coronavirus pandemic.

Several members of the bank’s board had earlier indicated that Wednesday’s move might be coming, as the bank was not ready to tolerate high inflation.

It was also predicted by analysts who expect the rate to further grow later in the year.

Inflation reached 2.9% in May, above the bank’s 2% target.

The last time the bank changed its rates was in May 2000 when it lowered its key interest rate from 1% to 0.25% to help reduce the impact of the coronavirus pandemic on the economy.