Global Central Banks Join Rate-Hiking Trend as Inflation Pressures Build

MILAN/LONDON (news agency) – The developed market rate-hiking club is getting bigger, as the European Central Bank on Thursday joined counterparts in Australia, Norway and Japan in tightening monetary policy, while more central banks are set ​to follow in the coming months.
The Strait of Hormuz is still effectively closed, and oil prices remain high, meaning many policymakers feel forced to raise interest rates to ‌prevent an energy-driven surge in inflation.