China has raised interest rates for a third time this year, in another effort to cool inflation that is surging at its fastest pace since 2008.

The central bank said Tuesday it increased the benchmark rate paid for one-year deposits to 3.5 percent from 3.25 percent. The one-year lending rate will increase to 6.56 percent from 6.31 percent.

Consumer prices rose 5.5 percent in May, and are believed to have risen further in June, driven mainly by rising food costs.

The latest interest rate move follows previous rate hikes in April and February, and two similar increases in 2010.

The People’s Bank of China has also raised the amount of deposits banks must hold in reserve six times so far this year.