GENEVA (AP) — Switzerland’s central bank has carried out the biggest hike ever to its key interest rate in an effort to clamp down on inflation.

The Swiss National Bank said in a statement Thursday that it could not rule out further increases beyond the increase of three-quarters of a percentage point rise “to ensure price stability over the medium term.”

The move raised the rate from minus 0.25% to 0.5%, which would be effective from Friday.