Central Banks Raise Interest Rates to Combat Inflation

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Viva Budy Kusnandar 20/04/2022 09:10 WIB

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Global central banks are raising benchmark interest rates to curb inflation driven by rising global energy and food commodity prices.

Comparison of Central Bank Benchmark Interest Rates in 10 Countries (March-April 2022)

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Comparison of Central Bank Benchmark Interest Rates in 10 Countries (March-April 2022)

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The Russia-Ukraine war, ongoing since late February 2022, has triggered a surge in global food and energy commodity prices, driving high inflation rates in various countries.

To curb inflation, central banks in several countries raised their benchmark interest rates during March-April 2022.

The United States Federal Reserve (The Fed) increased its benchmark interest rate by 25 basis points (bps) to 0.5% in March 2022. This measure aimed to mitigate inflation, which reached 8.5% (year-on-year/yoy) in March.

In the US last month, food inflation reached 8.8% (yoy), while energy inflation hit 32% (yoy), in line with rising commodity prices in the global market.

Sri Lanka's central bank even raised its benchmark interest rate by 700 bps to 13.5% to combat inflation, which reached 18.8% in March 2022.

Argentina's central bank increased its benchmark interest rate by 250 bps to 47% in March 2022. Similarly, Pakistan's central bank raised its rate by 250 bps to 12.25% in April 2022.

Meanwhile, Bank Indonesia (BI), Indonesia's central bank, maintained its benchmark interest rate at its lowest level of 3.5% for the 14th time during the BI Board of Governors meeting held on April 18-19, 2022. This decision was taken to maintain stability and strengthen economic recovery.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Central Banks Raise Interest Rates to Combat Inflation

Central Banks Raise Interest Rates to Combat Inflation

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