Citibank Ups Prime Rate to 7 3/4%

Citibank, the nation’s biggest bank, announced today that it is raising its prime lending rate to 7.75% from 7.5%.

The prime, a benchmark rate used to set interest on a variety of corporate and consumer credit, has been 7.5% since Aug. 26, when the nation’s major banks cut the rate from 8%. Although Citibank was alone in initially announcing the rate increase, major banks generally make similar changes in their prime rate.