The Federal Reserve Board last week raised the prime interest rate 75 basis points, or three quarters of a percent, in another effort to slow inflation.
South Dakota Bankers Association President Karl Adam says the rate hike was anticipated.
Adam says the three quarter point hike was a bit of a surprise.
Adam says the impact of the rate change depends on which side of the money you are on.
The US Bureau of Labor Statistics reported the latest Consumer Price Index, or rate of inflation was 8.6%.
(News partner WNAX contributed this story.)
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