For the first time since 2018, the U.S. central bank voted to increase short-term interest rates during a policy meeting on Wednesday, a measure to fight rising inflation that’s being affected by high gas prices and Russia’s war in Ukraine.

The Federal Reserve concluded its policy meeting on Wednesday afternoon, at which time it announced a quarter-point rate increase. The rate has been near zero since the start of the COVID-19 pandemic.

“With appropriate firming in the stance of monetary policy, the committee expects inflation to return to its 2% objective and the labor market to remain strong,” the Federal Open Market Committee said in a statement. “In support of these goals, the committee decided to raise the target range for the federal funds rate to 1/4 to 1/2% and anticipates that ongoing increases in the target range will be appropriate.”