The US Federal Reserve raised the interest rate by 25 points to a target range of 5.25%-5.5%, the highest rate since 2001, CNBC reports.
In June, inflation in the US was 3%, down from 9% a year ago. However, core CPI excluding volatile food and energy prices was 4.8%.
Federal Reserve Chairman Jerome Powell said that core inflation remains more than double the Fed’s 2% target.
