The world's fight against inflation is about to get more serious -- and painful | CNN Business

“If we don’t raise rates now, high inflation can stay with us for longer,” Bank of England Governor Andrew Bailey said after raising interest rates unexpectedly by half a percentage point on Thursday. Even though inflation is slowing in many countries after more than a year of interest rate hikes, it remains above the 2% level many central banks are targeting. Raising interest rates is the primary tool central bankers have at their disposal to get inflation down.

The plane needs to climb high enough to reach its destination – but not so high as to exceed it.” “The airplane is still climbing – and it will keep going until we have enough speed to glide sustainably and land at our destination,” Lagarde said two weeks before the ECB hiked interest rates by a quarter of a percentage point. Consumer prices in the 20 countries that use the euro rose 6.1% in May, easing from 7% one month prior.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Why some central banks are rushing to hike rates now | CNN BusinessCentral bankers across the globe are delivering a message: Slow and steady won’t win the race against inflation.
Source: CNN - 🏆 4. / 95 Read more »

Meat without slaughter: Here's everything you need to know about lab-grown meat | CNN BusinessSoon, Americans are going to be able to try chicken that comes directly from chicken cells rather than, well, a chicken.
Source: CNN - 🏆 4. / 95 Read more »

Pizza Hut tests underground deliveries ahead of 'Teenage Mutant Ninja Turtles' movie release | CNN BusinessIn a nod to the Teenage Mutant Ninja Turtles’ favorite food, Pizza Hut served up its signature dish to select customers in the subways of New York City, the company announced.
Source: CNN - 🏆 4. / 95 Read more »

Everything you need to know about AI but were too afraid to ask | CNN BusinessBusiness executives keep talking about it. Teachers are struggling with what to do about it. And artists like Drake seem angry about it.
Source: cnni - 🏆 326. / 59 Read more »

Why cities want to ban new drive-thrus | CNN BusinessWhy American cities want to ban new drive-thrus
Source: CNN - 🏆 4. / 95 Read more »