PIERRE, S.D.(WNAX)- The Federal Reserve Board last week raised the prime interest rate seventy five basis points, or three quarters of a percent, in continuing efforts 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 eight point six percent.