Mozambique’s central bank raised last week its key interest rate by 300 basis points (bps), to 17.25 percent, in a bid to curb soaring consumer prices, financial news service Bloomberg reported.

It is the fourth interest rate hike for the African nation in 2016, with the key rate increasing by a total of 7.5 percentage points since the start of this year.

“We recognise these decisions are not favourable to business people but they are necessary,” Ernesto Gove, governor of the central bank, was quoted saying. “These are sacrifices we need to make today,” he added.

The central bank also raised last week the standing deposit facility interest rate by 3 percentage points to 10.25 percent, the report said.

The inflation rate of the African nation has been driven primarily by a weak currency, and rose from 11.25 percent in January to 19.7 percent in June, Bloomberg reported.