Wellington, Inflation continues to rise worldwide. After the US and Europe, food and fuel prices have risen in Asia. Which is also the fear of moving forward.
Inflation is higher than expected in China, India, Indonesia, the Philippines, Thailand and South Korea. It is estimated that some of the world’s central banks will raise interest rates to reduce inflation.
Bank of New Zealand raises interest rates for first time in 22 years Other countries may also raise interest rates soon. According to economic experts, the main reason for the rise in inflation is the Russia-Ukraine war, which has led to turmoil in commodity markets. Energy and fuel prices have risen.
Grain supply in the world’s most consuming regions has also been affected. The high cost of fertilizer and transportation also played a significant role in increasing grain prices worldwide.
The US Federal Reserve raised interest rates by 0.25 basis points at a meeting in February. However, despite the 17-month high of inflation in India, the RBI maintained interest rates in its current monetary policy. Experts have said that interest rates will rise from the second quarter.